After a leak yesterday Microsoft announced via tweet in the middle of the night the Xbox Series S. The console is a smaller version of the upcoming Xbox Series X next-gen console.
The console is expected to be digital only and will feature 1080p resolution instead of the 4K (8K ready) of the Series X. The Series S will also reportedly come in at a far lower price point of $299 USD. The Series X is expected to retail for $499 or more.
Both are expected to release on November 10th, 2020.