Microsoft is slashing $100 off the price of its Xbox One gaming console, as well as letting users use apps such as Netflix and ESPN without a $60 fee. Microsoft is hoping to increase sales as the console war against rivals Sony and Amazon heats up. Microsoft will now sell the Xbox One for $399, or $499 with a "Kinect" motion sensor, starting on June 9. The software giant is lagging Sony's PS4 in sales and faces competition from existing consoles and streaming boxes such as Apple TV and Amazon's new $99 gaming-and-entertainment Fire TV. The Xbox One console has sold over 5 million units as of April 17.

More from Video

60 Seconds: What is the Yield Curve and Why is Everyone Talking About It?

60 Seconds: What is the Yield Curve and Why is Everyone Talking About It?

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

Millennials Love Investing in Timeshares: Bluegreen Vacations CEO

Millennials Love Investing in Timeshares: Bluegreen Vacations CEO

60 Seconds: What's the Difference Between an ETF and a Mutual Fund?

60 Seconds: What's the Difference Between an ETF and a Mutual Fund?

Amazon's One-Year Anniversary of Buying Whole Foods: A Whole Lot of Silly Hype

Amazon's One-Year Anniversary of Buying Whole Foods: A Whole Lot of Silly Hype