Xbox Series S finally announced, priced at $299

The long-rumoured Xbox Series S has been announced.

Microsoft posted an image of the device via Twitter, promising to reveal more details soon. The Series S appears to be more in keeping with the shape of the Xbox One S, with the company claiming it's the smallest Xbox to date.

It also appears to have no disc drive, positioning it as a direct competitor to the PlayStation 5's digital model and a successor to the Xbox One S All-Digital Edition.

The announcement comes in response to the latest wave of leaks, which appear to also reveal the Series S' price and launch date.

It will reportedly launch alongside the Xbox Series X on November 10, priced at $299 -- $200 lower than the reported $499 for the higher-end console. An image of the Series S was first shared by Thurrott's Brad Sams, confirming the Xbox Series S branding and suggesting the $299 price point.

Twitter user WalkingCat then shared what appears to be a clip from a promotional video, sharing more detail on the design. It is much smaller than the Series X, to the point here it could comfortably fit inside the higher-end device's casing.

Windows Central reports multiple sources confirm the $299 price point, and that Microsoft will be employing the Xbox All Access financing option it has been trialling during the current console generation.

Consumers will be able to purchase an Xbox Series S for $25 per month, or an Xbox Series X for $35 per month -- or $499 at retail.

Xbox All Access is expected to include Xbox Game Pass Ultimate, which would give players access to a wide library of titles -- including all new first-party releases -- and online multiplayer.

Niko Partners analyst Daniel Ahmad confirmed the design is real, and suggested a reveal event is planned for this month that will confirm everything leaked so far. He also hints at a new addition to Xbox Game Pass.

While the Xbox Series X will be the most powerful device, with 12 teraflops of power, the Series S is said to be around four teraflops, putting it in the same region as the Xbox One X. Both will run next generation games.

Earlier this year, Xbox discontinued the Xbox One X and Xbox One S All-Digital. Xbox Series S is expected to essentially replace both models.

Update: Xbox UK confirmed a £249 price point, while European accounts are confirming €299.

Update 2: Twitter user WalkingCat has now shared the full promotional video they have access too, offering more specs for the Xbox Series S.

It's worth noting this has not officially been released by Microsoft, but it certainly appears to be legitimate.

The video confirms the Xbox Series S will be all-digital and launch in November, reiterating $299 price point.

While the console has been said to be in line with Xbox One X, this promo speaks of next-generation technology more akin to the Series X, including a custom 512GB SSD for storage and faster loading times.

It will handle 1440p resolution at up to 120 frames per second, as well as 4K upscaling for games and for streaming media playback.

The Series S will also handle DirectX ray tracing, variable rate shading and refresh rate, and seamless game switching.

Continuing Microsoft's claim that this is the smallest Xbox ever, the video states the Series S is nearly 60% smaller than Series X.

Update: Microsoft has officially posted the above leaked video of the Xbox Series S, confirming the aforementioned specs as well as the release date of November 10, 2020.