Los Angeles (CNN Business) Microsoft has pulled back the curtain on a new Xbox console.

The tech company announced Sunday that the console — codenamed 'Project Scarlett' — will debut at the end of next year. Microsoft said it is "four times" as powerful as the Xbox One X and comes with more memory, higher resolution, and better graphics.

"A console should be built and optimized for one thing, and one thing only: games," said Phil Spencer, executive VP of gaming at Microsoft, at the event Sunday.

What that translates into, according to Xbox staff in a teaser video , is faster loading screens for gamers.

"Thousands of games across four console generations will look and play best on Project Scarlett," Microsoft said.

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