Microsoft is on the verge of announcing a new Xbox - here are 5 crucial components it needs to compete with Sony's huge lead

1. More than anything else Microsoft needs major exclusive games.

Say what you will about the relative differences between the Xbox One and the PlayStation 4 — in the long run, we'll look back at the two consoles as remarkably similar pieces of hardware.

What differentiates the two mainly is games: Sony simply has more major PS4 exclusive games than Microsoft. Whether you're talking about "Uncharted" or "Bloodborne" or "Spider-Man" or "God of War" or, well, the list could go on and on.

Microsoft has some biggies, like "Halo" and "Forza," but this generation of consoles was primarily led by Sony due to a consistent stream of excellent, exclusive games.

Things are clearly turning a corner in this regard: Microsoft has major entries in the "Halo" and "Gears of War" franchises in the works, while Sony is outright skipping E3 this year. Microsoft even went as far as to buy up a whole bunch of game studios which are presumably hard at work right now on new, exclusive Xbox games.

All of which is to say one crucially important thing: More than any other factor, Microsoft needs great games, and it needs them coming out at a steady cadence.

"Halo Infinite" coming to Microsoft's next Xbox might not hurt in this regard — at the very least it could offer a bridge between the Xbox One and whatever's next to dedicated fans, coming to both like "The Legend of Zelda: Breath of the Wild" did with the Nintendo Wii U and Switch.

2. Backwards compatibility / a persistent game library.

With few exceptions, every new game console generation comes with the expectation that anything from the previous system will no longer work on the new console.

PlayStation 3 games don't run on the PlayStation 4, and Nintendo Wii U games don't run on the Nintendo Switch. Such is the way of most game consoles.

With the Xbox One, Microsoft stuck a stake in the ground: The company created a robust backwards compatibility program, allowing Xbox One owners to play an increasingly large selection of their digital and physical game libraries from previous Xbox consoles.

It set an important precedent: Going forward, Xbox owners should expect their gaming libraries to carry forward.

In the case of the next Xbox, that expectation is rock solid — it would be outright shocking if Microsoft's next console doesn't play the vast majority of your digital game library from years past. It may not play physical Xbox and Xbox 360 discs, but it's very likely to work with your digital game library out of the box.

3. Different console options: Low priced to high priced.

More than just something Microsoft needs, there's a precedent: The Xbox One S and Xbox One X are both Xbox One consoles, yet the Xbox One X is more powerful (and more expensive).

It stands to reason that Microsoft will continue this strategy with the next version of the Xbox, and it makes sense. Just like Apple has multiple versions of the iPhone, so too does Microsoft have different versions of the Xbox. Why not offer consumers an option?

This is going to be an especially important distinction as video game streaming technology enables lower-tech, lower-priced boxes to power the same blockbuster games that powerful local hardware traditionally powered.

For some people, a powerful console will be worth the higher cost. For many, a set-top-box-like device that can stream games may be enough.

Of note: Microsoft's Xbox leader, Phil Spencer, spoke of multiple new Xbox consoles when he talked about the future of Xbox hardware in June 2018. Rumors also point to multiple consoles being in development.

4. A continued push into cross-platform play.

First with "Minecraft," and followed by "Fortnite," Microsoft's Xbox has been a trailblazer in so-called "cross-platform" gaming. The company has championed the idea of playing games with friends across competing platforms.

And why not? "Fortnite" is basically the same game whether you're playing it on a phone, an Xbox One, a Nintendo Switch, or a PlayStation 4.

It's been a huge shift for gaming, which has traditionally accepted the concept of siloed platforms due to business.

Whether Microsoft will maintain its dedication to this concept remains to be seen — it's the kind of feel-good move with consumers that could be easily forgotten or de-emphasized in the face of sudden success with a new console.

5. It needs to be easy to use.

Though the horsepower of the PlayStation 4 and Xbox One are on par, there's one massive difference that anyone can immediately feel from using both: The Xbox One is a muddy, slow, old-feeling game console. Simply navigating the user interface is a chore, to say nothing of its poor organization.

Especially compared to a modern computer, using the Xbox One feels bad. Though the PlayStation 4 has gotten slower over time, it's still far, far easier to use than the Xbox One.

It's plagued the entire life of the Xbox One — even the ridiculously powerful, ridiculously expensive Xbox One X is slow as molasses to use. That simply should not be. A $500 game console that came out in late 2017 should not feel as slow and old as the Xbox One X does.

This is a base level, foundational issue that Microsoft absolutely needs to nail with its next console.