Microsoft is confirming today that it’s working on a next-gen Xbox console in partnership with AMD. Xbox president Sarah Bond made the announcement in a minute-long video posted to YouTube, promising to deliver “an Xbox experience not locked to a single store or tied to one device.”

Microsoft Corp. (MSFT) has entered a multi-year strategic partnership with Advanced Micro Devices, Inc. (AMD) to co-develop custom chips for its product lineup, including next-generation Xbox consoles.

The upcoming Xbox will support multiple devices, third-party game stores, and backward compatibility. Built on Windows and powered by AMD, it marks a shift to an open and unified gaming ecosystem