The Xbox 360 still has three years of life left in it according to Microsoft.
The Xbox One will be launched on November 22.
Talking at the Citi Global Technology Conference, Xbox chief marketing and strategy officer Yusuf Mehdi stated that the company plans to keep the Xbox 360 up and running for three more years due to the console's long tail profitability.
As part of the company's plans for the Xbox 360, there will also be 100 new games shipped for the console. Mehdi commented that the Xbox 360 and the Xbox One 'can work in concert' and Microsoft will not be cutting support for the 360 as soon as the newer machine launches.
Mehdi was responding to questions about how profitable the Xbox business had been over the years and was asked to talk about how the launch of the imminent Xbox One would affect Microsoft's finances. He replied by pointing out that the money made by the Xbox 360 offset the expense of research and development of the new console.
Microsoft also appears to be gearing up for an expensive launch year with Mehdi pointing out that the first year is one for investment with results from that initial push playing out over time.
The Xbox One release date
was confirmed earlier this week as November 22, one week before Sony's expected launch date for the Playstation 4.
Microsoft's hopes for the Xbox 360's next three years are not completely unprecedented. Following the launch of the Playstation 3, Sony continued to see the Playstation 2 perform well and the older machines were only taken out of production at the beginning of this year, giving it a commendable 12 year run.