Microsoft: Xbox One is great value

The Xbox One will deliver "thousands of dollars of value" to consumers, according to Microsoft's Don Mattrick.

Many critics have already started to write off the Xbox One's chances in the next-gen console war due to the high $499 USD launch price.

However Mattrick remains calm, and in an interview with Bloomberg TV he said that Xbox One is actually cheap considering what it can do.

"It's a lower number than some of the analysts had forecasted," he said.

"We're over-delivering value against other choices I think consumers can get. Any modern product these days you look at it [and] $499 USD isn't a ridiculous price point.

"We're delivering thousands of dollars of value to people, so I think they're going to love it when they use it. We're really making the living room your centre of fun for your family."

Yesterday Microsoft confirmed that first-party games on Xbox One would cost the same as they do on Xbox 360.