'Halo 5' Trailer and Xbox One Price Point Revealed at E3 (Video)

The Wrap

It's official, gamers: Microsoft released the "Halo 5" teaser trailer Monday at E3, the video game industry's annual conference and show being held at the LA Convention Center.

The 1 minute 49 second clip -- which drew applause from the crowd -- shows a cloaked Master Chief trekking across a rocky desert wasteland, clutching Cortana's interface. Then a giant mech (gamer talk, we're told) rises through the ground at the new system's impressive 60fps.

The fifth installment of Xbox's signature series -- which is in development at 343 Industries -- will be released in 2014.

Also read: Steven Spielberg to Produce Live-Action 'Halo' Series

Microsoft also revealed the highly-anticipated price of its next generation console. Xbox One -- set to hit the stores in November -- will cost $499. Sony is expected to reveal the price of its PlayStation 4 at E3 Monday evening.

A slimmer and quieter Xbox 360 console was also introduced at the event. The options: $200 for a 4GB model, $300 for 250GB and $300 for a 4GB bundle with Kinect.

The three-day industry-only event wraps on Wednesday.

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