Microsoft announces subscription-based Xbox 360

The Xbox 360 is now the world's first subscription game console

Microsoft has announced the world's first game console with subscription-based pricing, making the Xbox 360 more accessible to those interested in gaming on a budget. The new package will cost US$99 up front, with a two-year contract of $15 a month, much like your average cell phone contract. This is an entirely untested price model for videogame consoles, and may prove to be a stroke of genius for Microsoft, whose Xbox 360 is closing in on its seventh anniversary. A new price model could breathe life into the system for years to come.