Microsoft is officially saying goodbye to the Xbox 360, with the company announcing that they will be halting production on the console after ten-and-a-half years on the market.

Making the announcement on Xbox Wire, Microsoft’s Phil Spencer wrote about the decision to end the console’s successful run. The Xbox 360 has sold more 78 million units worldwide since its initial release in November 2005 and helped Microsoft gain significant market share in the last console generation.

“Xbox 360 means a lot to everyone in Microsoft,” Spencer writes. “And while we’ve had an amazing run, the realities of manufacturing a product over a decade old are starting to creep up on us. Which is why we have made the decision to stop manufacturing new Xbox 360 consoles. We will continue to sell existing inventory of Xbox 360 consoles, with availability varying by country.”

Xbox 360 owners need not panic, as Spencer confirmed that Xbox Live will remain active on the console, as will its various stores and other online services.

Farewell Xbox 360; your fantastic games lineup will live on in our Xbox Ones thanks to backwards compatibility. At least we’ll always have the Red Rings of Dea…on second thought, let’s try and forget about all that.

(via: Kotaku)