The , and backward compatibility will all be available on Xbox One before the end of the year.

"And so we think having all of that coming this holiday; we expect we're going to see a massive migration," he added. "We expect millions of Xbox 360 owners to migrate and move to Xbox One. We see that the majority of people who buy an Xbox One today own an Xbox 360. So our fanbase has stayed very loyal. And frankly, they're waiting for those new releases to come this year."

Greenberg stressed that you should not underestimate how pivotal backwards compatibility will be in encouraging people to upgrade from an Xbox 360 to an Xbox One.

You can watch our full interview with Greenberg below.