After images leaked Sunday of a new Xbox model, Microsoft confirmed the Xbox One S at the start of its E3 briefing on Monday.

The new hardware is 40 percent smaller than the current model, supports 4K video, and features up to a 2TB hard drive, a slightly revised controller and a vertical stand.

When the Xbox One originally launched in 2013, it included the Kinect sensor and retailed for $499. A version without Kinect was later made available for $399, and the price was recently dropped to $299.

The Xbox One S will launch in August starting at $299 depending on hard drive size, controller included. You can watch the reveal video above.