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Microsoft is working on an online streaming video service that is Netflix-like for video games. It promises "console-quality gaming to any device'. The Redmond-based company says that gamers will be able to stream blockbuster films to their Xbox laptop, desktop, or mobile. It's not clear if players will be required to pay for the individual games, or will be capable of accessing the entire library for a monthly cost like video on-demand services. Microsoft does not believe that streaming will replace dedicated consoles The company is hinting that a new Xbox hardware is already in development. Microsoft is building a streaming service that resembles Netflix for video games that will bring console-quality gaming to any device'. In its E3 presentation, Microsoft also announced 50 new games for gamers - a record for the company based in Redmond. Xbox boss Phil Spencer also teased the forthcoming video game streaming service, which Spencer claims will allow users to unlock console-quality gaming on any device' Microsoft's Executive Vice President of Gaming Phil Spencer spoke at the E3 press conference in Los Angeles to reveal its plans to build a cloud-based service. Spencer said: 'Our cloud engineers are building an online gaming network that will allow console-quality gaming to any device. "We are dedicated to improving your gaming experience wherever you play - whether on your Xbox, your PC, and even on your mobile." Cloud Gaming is a way for players to have access to a vast library of games without needing to download or install each one. Cloud gaming lets console-quality games to run on devices with less power, such as smartphones. All the heavy lifting is performed on a server , not on the device being used by the player. This is quite different from traditional console games that must process all data locally on the disk, and consequently require powerful chipsets. Amazon is slammed for 'appalling conditions' at its Echo and... Snapchat update lets you purchase tickets to concerts and... 'It's hard to tell what's real anymore': US lawmakers slam... Minecraft servers list , meet Alexa"Voice in a Can' brings Amazon's... Xbox director Spencer hasn't revealed the date of launch for the service during his presentation, but he has previously teased that Microsoft's game streaming might be launched before 2020. The company is not the first to express an interest in a service that streams games, with rival PlayStation already giving players the possibility of streaming games to their devices. PlayStation Now is a subscription service that costs PS12.99 ($20 per month) and lets players stream more than 500 titles to their PlayStation 4 or Windows PC. After it purchased rival services Gaikai, OnLive, and Sony, Sony launched its cloud gaming platform. Microsoft hasn't given up on its hardware plans, despite its focus being on videogame streaming. It's unclear if players will have to pay to access individual titles, or if they will be able to access the entire library for a monthly cost, similar to Netflix Microsoft has announced plans to create Xbox hardware with new consoles in the works despite teasers of streaming services. Xbox boss Phil Spencer remained tight-lipped on any specifics about the forthcoming console, however, the executive did reveal that backwards-compatibility with older video games would play significant role for the new hardware Phil Spencer used the E3 keynote to tease the Xbox One's follow-up, and hints that Microsoft could have a variety of new consoles in development. 'The same team that delivered unprecedented performance with Xbox One X is currently deep into designing the next Xbox consoles, where we will once again deliver on our commitment to set the bar for console gaming,' he said. Spencer remained tight-lipped on any specifics about the console, however, the executive did reveal that backwards-compatibility with Xbox One games would play significant role for the new hardware. He told Eurogamer: 'As you think about the next wave of hardware that will eventually arrive, many of the huge, massive games that people play today will continue to exist when the next hardware comes out. 'You're not likely to see an "2" after all of those because people are trying to move you to the next version of the games. In the old days of games shipping - getting played and then going away the console switch was a simple function to perform. 'We went through it with Minecraft. We didn't release Minecraft 2 on Xbox One to try to force everyone to switch to the next console because that's not what Minecraft users are looking for. They want Minecraft to be improved. "When you think of games such as Fortnite or PUBG, you think about the large games and ecosystems that will be out there when new hardware comes out, people will still want to play these games, and it's crucial for us to help them. Microsoft has announced Halo Infinite which is a brand new version of its wildly popular Halo series. It will only be available on Xbox-branded consoles Additionally, Microsoft showcased a record 50 brand new games to its fans during its E3 presentation. The company took the wraps off a range of exclusive titles, including brand new entries in its Halo and Gears of War series. Spencer has described the list of games coming out as the company's "largest gaming portfolio ever'.