As the next-gen console wars continue with the recent battle between Sony's PlayStation 4 and Microsoft's Xbox One heating up, it's too early to tell which will reign supreme.

Last week, Microsoft Corporate Vice President Phil Harrison said the console wars are not a sprint, but a marathon.

On Friday, Microsoft Game Studio Chief Phil Spencer reiterated a similar sentiment in an interview with video game publication Gamespot at the Game Developer's Conference 2014.

The GDC is considered the largest and longest-running event in the world for professionals in the video game industry. The event kicked off at San Francisco's Moscone Center on March 17 and concluded Friday.

He said although Xbox One sales have lagged a bit behind PS4's sales, there is still a scenario where Microsoft becomes the victor.

"We are in this to win and to compete, compete on all levels: functionality, games, value," Spencer said. "All of those things incredibly important to us."

Spencer told Gamespot that Xbox One's price at $499, which makes it the most expensive console on the market today, won't hurt Microsoft's sales as long as it can deliver value to its customers.

"Clearly we see the price difference in market between our box and Sony's box. We're not blind to that," Spencer said. "We believe in the value proposition that we have there, but we also want to make sure we're a great value for our consumers."

Spencer said Microsoft has delivered value to its gamers by offering existing Xbox One bundles with the games Titanfall and Forza 5. It has also marketed the Games with Gold initiative that gives away games to Xbox Live's Gold Members, but it's currently only for Xbox 360 consoles.

Spencer couldn't give a definitive launch date for the initiative on the new console, but said the company is well aware of the initiative's importance to gamers.

"We're not blind to that fact that (Games with Gold) is something that people have found value on (for Xbox 360)," he said, adding, "and clearly, we want people to find value with Gold on Xbox One."

Spencer also said that the format for the Games with Gold on Xbox One will not be the same as Xbox 360 but he did say that the Xbox Live platform itself is "really important to us and making sure that we get that whole social community plugged in is critical."