Microsoft has announced an Aug. 2 street date for its next-gen gaming console, the Xbox One S, which includes an Ultra High-Def (UHD) Blu-ray Disc drive and 2 TB of hard drive space, with a $399 price tag.

The retail price for the Xbox One S matches the cheapest UHD Blu-ray player available, with Samsung and Phillips both offering their standalone players for $399. Panasonic has announced a $699 price tag for its first player.

A $299 version of the Xbox One S is also in the pipeline and includes a 500 GB hard drive, with Microsoft also offering a 1 TB edition for $349. All versions are 40% smaller than the original Xbox One, include a USB port in the front and will be able to stream 4K content with high dynamic range (HDR).

“That means you’ll get to enjoy your favorite shows and movies in the clearest, most realistic video possible,” Matt Lapsen, GM of Xbox devices marketing wrote in a blog post. “With HDR support for video and gaming, Xbox One games like Gears of War 4, Forza Horizon 3, and Scalebound will look even better thanks to a higher contrast ratio between lights and darks, bringing out the true visual depth of your favorite games.”

The Xbox One S will come bundled with a new Xbox wireless controller and can be purchased as a standalone item for $60.