More than 80 million units of the console have been sold since it was launched in 2005.There were also a few other milestones. The 360 also introduced Microsoft's Kinect motion-sensing game device. It was the company's primary gaming console, until it launched the Xbox One in 2013.

The Xbox 360 launched with a number of popular video games including Activision Blizzard  "Call of Duty 2" and EA's  "Need for Speed: Most Wanted".

Writing in the company bog, Redmond sayd it would continue to sell existing inventory of the consoles, and that it would continue to provide customer support. The company's Xbox Live network, which allows online multi-player gaming, will continue to be available for the Xbox 360.

Sales of older-generation consoles, such as the Xbox 360 and Sony's PlayStation 3, have been declining as consumers shift to newer versions of the consoles.

Phil Spencer, the head of Microsoft's Xbox division said:

"While we've had an amazing run, the realities of manufacturing a product over a decade old are starting to creep up on us," said

The company has also introduced the ability for users to play games launched for the Xbox 360 on its latest console. Microsoft currently offers over 100 video game titles as a part of its "backward compatibility" feature.