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Will there be an Xbox Lite instead of an Xbox 720?

The gaming world is going from strength to strength at the moment, with consoles and game titles still selling by the shed-load.

The industry is no longer the preserve of teenage boys playing alone in their bedroom, although we’re sure that still makes up a large portion of sales.

Gaming has become cool, and is now well and truly in the mainstream. Gaming has become so popular, that last year it overtook video to become the biggest entertainment category in the UK.

With revenue of £1.93 billion, the gaming industry (in all forms, from physical games, to downloads, to apps) beat both video and music as the highest earner of the past year.

The popularity of consoles like the PS3 and the Xbox is higher than ever, but many gamers are now looking to the future.

Both consoles have been out for a number of years now, leading many to wonder when exactly we’ll see the next generation.

The illusive Xbox 720 has been the next-gen console on people’s minds of late, with a number of rumours of a launch date and proposed specs doing the round on the internet.

We know it is still quite a way off, with Microsoft confirming that we won’t be seeing the next Xbox at E3 this year. We kind of expected that, but the latest leak suggests we may waiting even longer than anyone expected.

According to reports, we won’t even see the Xbox 720 at E3 next year either. Instead, Microsoft is rumoured to be readying an Xbox ‘Lite’ to cash in on the popularity of casual gaming.

The reports claim that console will come with a low price tag to appeal to the masses, and will heavily utilise Microsoft’s Kinect software.

We’re sure this budget Xbox will be good, but it is by no means a next-gen console. We’re sorry to say it folks, but we may not be seeing a true Xbox 360 successor for some time.