Apr 22, 2016 06:45 AM EDT By Anita V, UniversityHerald Reporter

Your XBox360 will be something in the past as Microsoft is not planning to manufacture any 'next generation' of the gaming console as announced on Wednesday.

After a decade of reigning; the company feels the need to reshape what's already 'old'. Phil Spencer, head of Xbox division, confirmed the news saying that the product does change the gaming industry as it is one of the most popular gaming console of all time, according to the PCMag.

The news was announced just a few days after Intel released 'job cuts' news after failing to reach target according to a University Herald article.

The first video game console was launched in 2005 and for the past few years, it has become Microsoft's money maker. The game bellwether was once a best seller and to call it quit was an unexpected announcement. The BBC analysis stated that 10 years could've been prolonged since it has made it that far albeit fierce competition against many other consoles.

In Xbox official site, Spencer thanked the Xbox community and the console itself as they become an integral part of Microsoft's development. Xbox has become an entertainment hub with over 78 billion gaming hours played. The Xbox 360 owners out there need not to worry because Spencer promised that technical support and updates are still available.

1. Xbox 360 active owners can still receive Xbox Live services. It includes access to apps and online parties as usual

2. The Live servers supporting the service will still continue to remain active so players can still enjoy their favorite games

3. Users are still able to buy games through online and retail stores while stocks last

4. Hardware will get support from xbox.com/support

5. For Xbox One; the game will still be enjoyed through Xbox One Backward Compatibility

Microsoft will also continue to sell the existing units but the availability may vary from one country to another.

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