Microsoft has stopped manufacturing new Xbox 360 consoles, the company announced today.

"Xbox 360 means a lot to everyone in Microsoft," said Phil Spencer, head of Xbox. "And while we've had an amazing run, the realities of manufacturing a product over a decade old are starting to creep up on us."

Spencer added that Microsoft "will continue to sell existing inventory of Xbox 360 consoles, with availability varying by country." The Xbox 360's current retail price is $199.99, in a bundle with a 500 GB system and a copy of Forza Horizon 2.

Microsoft launched the Xbox 360 on Nov. 22, 2005, in North America; the console turned 10 years old last November. That same month, Microsoft added Xbox 360 backward compatibility to the Xbox One, a feature the company had announced at E3 2015.

Spencer noted that Microsoft will continue to support the Xbox 360 for the foreseeable future, with full Xbox Live services for apps and online gaming; free Games With Gold titles; deals for Xbox Live Gold subscribers; and hardware support. However, Microsoft's third-party partners have begun to retire Xbox 360 services, such as ESPN, which shut down its app on the console last month.

"The Xbox 360 helped redefine an entire generation of gaming at Microsoft," said Spencer. "I am incredibly proud of all of the work and dedication that went into development of the Xbox 360 hardware, services and games portfolio over the last decade. And I'm grateful to the fans for their continued passion and support."

To take a trip back through time, check out Microsoft's unveiling of the Xbox 360 during "MTV Presents Xbox: The Next Generation Revealed," a half-hour special that aired May 12, 2005, on MTV.