Xbox One gets $50 discount next week in limited-time holiday promotion (VIDEO)

Xbox One fans are in for some good news, as all models of the console will drop $50 off their price tag starting next week.

It's not even Halloween yet, but Microsoft is already planning its holiday season. The company is gearing up to offer attractive deals for Xbox fans, and it has just announced notable discounts of $50 across its Xbox One lineup.

"The holidays are starting early this year as the Season of Xbox will begin on November 2, when Xbox One will be available for a special, limited-time promotional offer of $349 in the U.S. Special promotional pricing of $50 off the console of your choice applies to any Xbox One console, including special edition bundles, offering some of the year's most anticipated games - Assassin's Creed: Unity, Call of Duty: Advanced Warfare and Sunset Overdrive. With Xbox One available at its best price yet, and savings up to $150 off select bundles, there's never been a better time to own an Xbox One," touts Microsoft in a new press release on Monday, Oct. 27.

"Fans don't have to wait for Black Friday this year to enjoy great savings on Xbox One. We're offering our best price yet, with unprecedented choices and value, so more people can play on Xbox One this holiday," Microsoft corporate vice president Yusuf Mehdi further boasts.

With the new promotion, the Xbox One console will start at $349 instead of $399. More specifically, the standalone Xbox One model without the Kinect motion camera accessory will cost $349, while the Xbox One with Kinect will cost $449 instead of $499.

This promotion is for the U.S., but Microsoft should offer specific promotional deals in other regions as well, which may include attractive discounts and bundles of their own.

As Microsoft itself points out in its press release, the $50 price cut also applies to the Xbox One bundles that are available, including the Call of Duty: Advanced Warfare bundle that currently has a $500 pre-sale price tag on Amazon.

The limited-time discount will likely boost sales of the Xbox One this holiday season, but it remains to be seen whether it will be able to outshine rival Sony's PlayStation 4 (PS4) console.

Sony launched its PS4 last November, one week before Microsoft released its Xbox One, and the PS4 has consistently outsold Microsoft's console ever since. This promotional sale for the Xbox One may change that, as it runs for a full month, until Jan. 3, 2015.

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