Microsoft has announced a brand new slim line console called the Xbox One S, and it will be available for $299.

The announcement was made to kick-off their E3 press conference, bringing an all-new trailer which can be viewed above.

Xbox One S is 40% smaller than the original Xbox One console and is white in colour. The images shown in the promotional video suggests that the console can also stand vertically, something that was not achievable with the Xbox One original.

Microsoft has included the following description with the new console trailer:

"Introducing the new Xbox One S. Play the greatest games lineup, including Xbox 360 classics, on a 40% smaller console. Experience richer, more luminous colors in games and video with High Dynamic Range technology. Stream 4K video on Netflix and Amazon Video, and watch UHD Blu-ray™ movies in stunning 4K Ultra HD. Includes the newly streamlined Xbox Wireless Controller."

The console has been given a release date of August 31st and here are some of the console's new features:

Internal HDD

Up to 2TB storage

IR Blaster

Integrated power supply

[MicrosoftE3]