Aaron Greenberg, who handles the marketing efforts for the platform, believes that many of those who have bought and used an Xbox 360 are now interested in upgrading, but they are waiting for the perfect moment to jump to the new generation of consoles.
The executive is quoted by Gamespot as saying that millions of players are watching how Microsoft is handling the future of the Xbox One.
He states, "Whether they’ve been waiting for the first true next-gen Halo with Halo 5 or if they’ve been waiting for solutions like backwards compatibility, we do expect to see a pretty massive migration this holiday of those fans."
Since the Xbox One was first introduced, Microsoft has twice dropped its price in order to make the console more appealing and a new bundle that will be offered for Black Friday will deliver the device and two games, Gears of War: Ultimate and Fallout 4, for just 299 dollars, which is 249 Euro although the offer is not introduced in Europe.
Sony has also cut 50 dollars or Euro off the price of its own PlayStation 4 to make sure that its platform is attractive during the Christmas season.
The Xbox One is also getting backwards compatibility and more streaming features
On November, 12 gamers will get access to the long-awaited new user experience, which is designed to introduce a range of new functionality and a new look for the device that's inspired by Windows 10.
Microsoft says that the launch will integrate the Xbox One into a wider ecosystem and will give players new ways to link their console and their PCs.
On the same date backwards compatibility is being added, with apparently 100 video games that were first launched on the Xbox 360 ready to be played on the new device.
No official list has been revealed so far and many fans believe publishers will be more interested in launching remastered versions of their gamers than support the new feature.
Greenberg also says that Microsoft has big plans for next year when it wants to continue to introduce new functionality for the Xbox One while working with partners to launch a number of other high-profile titles.
For the holiday season, the company is relying on exclusives, like the recently launched Halo 5: Guardians and the coming Rise of the Tomb Raider, which will be offered on November 10.
Meanwhile, Sony is linking the PlayStation 4 with the big profile Call of Duty: Black Ops 3 and Star Wars: Battlefront.
The Japanese company has also managed to enter into a long-term agreement with Activision that will mean all downloadable content for the new Treyarch shooter will be offered one month early on the PS4.