Microsoft said Wednesday its next-generation Xbox game console will launch on November 10, with an estimated starting price of $499.

The new XBox Series X, Microsoft's flagship console which competes notably against Sony's PlayStation devices, will be available for pre-orders from September 22.

The news comes one day after Microsoft said it would sell a slimmed-down Xbox S game console priced at $299, also in November.

The Xbox Series X "represents a superior balance of power and speed in console design, advancing on all technological fronts to delivering amazing, dynamic, living worlds and minimize any aspects that can take you out of the experience," said Xbox head Phil Spencer.

The new consoles are being launched as more people turn to video games during the coronavirus pandemic and with the industry shifting to cloud-based games that are streamed online.

"The cloud creates a massive opportunity to stream console-quality games and play with the people you want, wherever you want," Spencer said. 

Microsoft's cloud video game service is to debut this month as a feature available to Xbox Game Pass Ultimate subscribers.

Ultimate subscribers, who pay $15 monthly, will be able to access a library of games for play on Xbox consoles or Windows-powered computers.

Sony's PlayStation 5 console is also scheduled to come out for the year-end holiday season.

The current PlayStation 4 has outsold Xbox by more than two to one, but Microsoft hopes to take the battle back to Sony.