Now that Microsoft has announced the Nov. 22 release date for the Xbox One, what will happen to the Xbox 360?

For Xbox gamers, Black Friday will be all about the new Xbox One, but the hefty $499 price tag means we can also assume that people will be looking to take advantage of an expected price drop in the older system. Xbox marketing chief Yusuf Mehdi said in an interview with Eurogamer this week that he thinks the 360 will stick around for a bit longer.

"If you look at 360 that platform lasted for seven to eight years and it's going to go for another three years. It's incredibly profitable now in the tail. We're going to continue to invest in Xbox 360, and the two devices can work in concert. So it's not like the day we ship Xbox One your 360 won't work. We'll continue to support it,"

With the Xbox One costing $100 more than rival Playstation 4, it gives even more incentive to gamers who want to stick with 360 until their budget can afford $500 for a video game console. Fans can also wait out the initial storm and opt to purchase the newer console after the price starts to drop.

"Some of these things take some time in the launch year in which you invest, and then they they play out over time," Mehdi said.

Sony will be launching the PS4 a week before the Xbox, on Nov. 15. The game consoles will both be released prior to the Nov. 29 Black Friday frenzy.