It's raining information about the next Xbox here. First we got to know about the upcoming Xbox mega event to take place on May 21 at the Microsoft campus, and now it's about the pricing and the actual release of the next-generation gaming console.

The upcoming Xbox, called Xbox 720 by many, is expected to be on the market November with two different price tags, according to a well-know tech blogger, Paul Brian Thurrott.

Thurrott on his blog posted some information about the Xbox and also mentioned that Microsoft was going to unveil it on April 24, as he predicted, but the launch event was pushed to May 21 to be in a better position against Sony's PS4 and give its rival competition.

About the price of the next console from Microsoft, the blogger predicts a very different approach from the company. The box will be available for $499, but if you don't want to pay everything in one shot and want to enjoy some extra features, then there is another option for you. The Xbox will also be available for $299 but that will require a contract of Xbox LIVE Gold for two years at the price of $10 per month.

The second option looks to be a good move, as this will give an edge to Xbox in the competition with the upcoming PS4. The scheme will make the console cheaper and more affordable for the buyers and at the same time the membership of Xbox LIVE Gold will also get a boost.

The Xbox 720 is also expected to come with a Blue-ray optical drive and hardware improvements. However, to see everything related to the Xbox 720 we should wait to get all the official details live from Xbox event on May 21.