So, think about how you use a disc that you own of an Xbox 360 game. If I buy the disc from a store, I use that disc in my machine, I can give that disc to my son and he can play it on his 360 in his room. We both can't play at the same time, but the disc is the key to playing. I can go round to your house and give you that disc and you can play on that game as well.

I mean we're really not going to change anything we've done with Xbox One.

While there have been many potential scenarios discussed, today we have only confirmed that we designed Xbox One to enable our customers to trade in and resell games at retail.

So, think about how you use a disc that you own of an Xbox 360 game. If I buy the disc from a store, I use that disc in my machine, I can give that disc to my son and he can play it on his 360 in his room. We both can't play at the same time, but the disc is the key to playing. I can go round to your house and give you that disc and you can play on that game as well.

What we're doing with the digital permissions that we have for Xbox One is no different to that. If I am playing on that disc, which is installed to the hard drive on my Xbox One, everybody in my household who has permission to use my Xbox One can use that piece of content. So I can give that piece of content to my son and he can play it on the same system.

We're also confident that gamers are going to love our vision of the future.

Another piece of clarification around playing games at a friend's house - should you choose to play your game at your friend's house, there is no fee to play that game while you are signed in to your profile.