Los Angeles - In a bid to boost sales of its Xbox 360 video game console beyond the traditional gamer demographic and grab some of the new market share being created by the Nintendo Wii, Microsoft (NASD: MSFT) has announced an initiative to bring more TV shows, movies and family-friendly games to the platform.

Redmond, Wash. - Microsoft (NASD: MSFT) announced over the weekend that it has slashed $50 off the price of its basic 20GB Xbox 360 game console, to $299, while also unveiling plans to release a new 60GB model in August that will retail for $349. The company said the price cut on the 20GB model will go on "while supplies last," indicating it will discontinue that version of the device, while continuing to offer the hard drive-free Xbox 360 Arcade model for $280 and 120GB Xbox 360 Elite for $450.

Los Angeles - Microsoft (NASD: MSFT) plans to slash $50 off the price of its Xbox 360 video game console in advance of the industry's E3 trade show this month, bringing the price for the 20GB model to $299, according to The Hollywood Reporter, which cited "a major retailer." The cut would make the Xbox 360 Pro $100 cheaper than Sony's (NYSE: SNE) 40GB PlayStation 3, and bring it closer to the top-selling Nintendo Wii, which currently costs $250.

Redmond, Wash. - Microsoft (NASD: MSFT) has announced that its Xbox 360 beat out rival next-generation video game consoles from Sony (NYSE: SNE) and Nintendo to become the first to sell over 10 million units in the U.S.

Los Angeles - Microsoft (NASD: MSFT) will launch its first original programming for the Xbox 360 this summer, when it debuts six series produced by Safran Digital that can be downloaded to the game console via the online Xbox Live service, according to The Hollywood Reporter. Safran Digital CEO Peter Safran would not comment for THR on the titles or subject matter of the programs. "We had a very specific idea that we knew worked for a core audience. Xbox clearly has this exact same demographic," Safran told THR.

New York - Despite concerns about the recession and a cyclical slowdown, the video game industry continues to grow in 2008. Monthly video game sales statistics from the NPD Group show that video game industry sales were up 34 percent to $1.3 billion, year over year, according to VentureBeat.

San Francisco - Microsoft (NASD: MSFT) is not in talks to include Sony (NYSE: SNE) Blu-ray high-definition DVD technology in its Xbox 360 video game console, according to Aaron Greenberg, group product manager for Xbox 360. Microsoft will, instead, continue to invest in the Xbox Live online service, which lets users rent movies, including ones in high-definition, over the Internet.

Redmond, Wash. - Microsoft (NASD: MSFT) on Monday announced price cuts for its Xbox 360 video game console in Europe, with the price to be lowered by 80 euros ($123) on all three models, so that the cost for the entry-level model is now about $307. Prices in Great Britain were lowered by 20 to 50 pounds, so that the cheapest model there now costs 159 pounds ($319).

Seattle - Microsoft (NASD: MSFT) said over the weekend that it will discontinue the $130 HD DVD player add-on for its Xbox 360 video game console, in the wake of Toshiba's announcement that it cede victory in the next-generation DVD format war to rival Sony's Blu-ray. An estimated 300,000 of the devices had been sold thus far, and Microsoft will provide standard warranty support for consumers who have purchased them. "As we stated earlier, we do not believe this decision will have any material impact on the Xbox 360 platform or our position in the marketplace," Microsoft said in a statement.

San Francisco - Microsoft (NASD: MSFT) has announced that it will make games for its Xbox 360 console developed by aspiring creators available for download via its Xbox Live service. The service will require that developers use Microsoft's XNA Game Studio software, available for a $99 annual subscription, or be a member of its XNA Creators Club. The game creation software will be made available to users beginning in the spring. Submissions will then be vetted by members of the amateur game creator community, and Microsoft will begin releasing the first user-created games in the fall.

Wayne, N.J. - Following several high-profile withdrawals of support from retailers and movie studios, Japan's Toshiba announced on Tuesday that it will discontinue its next-generation HD DVD format, handing victory in the much-hyped "format war" to Sony's rival (NYSE: SNE) Blu-ray technology. "While we continue to believe HD DVD is the best format for consumers, based on its technological advancements and the value and quality inherent in our player offerings, recent market developments have led us to the decision to choose new and different paths," said Yoshi Uchiyama, group VP of Toshiba's digital A/V marketing group.

San Francisco - Microsoft (NASD: MSFT) sold 4.3 million Xbox 360 video game consoles during the fourth quarter of 2007, and has now sold a total of 17.7 million worldwide since the device's release in 2005, Reuters reported.

To wrap up the 2007 Year in Games, and forecast trends for 2008, we sat down with one of the industry’s biggest authorities, Joseph Olin, President of the Academy of Interactive Arts & Sciences. He’s been with the AIAS since 2004, and worked with video games and consumer products for 25 years. We asked him about the biggest developments in gaming this year, and some of the things we’ll see in the next 12 months. Here are Five Questions with Joseph Olin:

Redmond, Wash. - Microsoft (NASD: MSFT) said on Wednesday that its Xbox Live online games and entertainment service for the Xbox 360 now counts more than 8 million members in 26 countries, adding that a free system update set for release on Dec. 4 will for the first time allow for the download of full games. The announcement comes on the eve of the fifth anniversary of the debut of Xbox Live. Titles in line for digital distribution on Xbox Live include "Halo," "Psychonauts," "Fable" and "Crimson Skies: High Road to Revenge."

San Diego - Video game publishers would do well to take advantage of the online storefronts offered by next-generation video game consoles, as games with downloadable content sell 114% more than other titles, according to a report from market research firm Electronic Entertainment Design and Research (EEDAR).

Washington - Microsoft (NASD: MSFT) on Wednesday announced a new parental control feature for its Xbox 360 video game console, as well as a partnership with the Parent Teacher Association (PTA) to create a "family contract intended to foster family discussion about screen time guidelines." The Xbox 360 Family Timer, set for release via Xbox Live next month, will allow parents to set the appropriate amount of gaming and entertainment time on the Xbox 360 for their kids on a daily or weekly basis. Meanwhile, information on the "family contract" will be distributed to millions of PTA members nationwide, and also made available on Microsoft's website.

Tokyo - The Nintendo Wii's sales lead over Sony's (NYSE: SNE) rival PlayStation 3 in Japan has declined for the fourth straight month, although it still outsold the PS3 by 2-to-1 in October, Reuters reported, citing sales data from Japan's Enterbrain.

Tokyo - Nintendo this week announced plans to release its Wii video game console in China and South Korea next year, Reuters reported.

Redmond, Wash. - Microsoft (NSDQ: MSFT) said this week that its entertainment and devices division, which includes its Xbox video game business, reported a profit of $165 million in the company's fiscal first quarter, fueled in large part by the release of "Halo 3" for the Xbox 360. The profit compares with a loss of $142 million in the same period a year ago. Revenues at the Xbox unit were also up 91%, to $1.93 billion.