June 9, 2015 10:53 AM EDT

Gamers everywhere, rejoice: the XBox One is about to get more powerful, and it will have less of an impact on your wallet.

The newest model of the popular console will have more than 1 terrabyte of memory. That model will go on sale for $399. The existing model, with around half of that memory — around 500 gigabytes — will see its price slashed to just $350.

Microsoft said the price cut will be permanent.

The Seattle company also announced a new wireless XBox One controller featuring a headphone jack, so you can talk to your gaming buddies directly through your controller.

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