UPDATE: 2:00 p.m. EDT — The Xbox E3 2016 press conference is over. The leaked Xbox One S was confirmed during the presentation. The new Xbox One will feature 4K support, 2TB of memory and a redesigned controller. The Xbox One S has a price of $300 and will be available in August.

Games featured during the Xbox E3 2016 press conference included “Gears of War 4,” “Halo Wars 2,” “Forza Horizon 3,” “ReCore,” “Dead Rising 4,” “Scalebound ” and “Sea of Thieves.” “Tekken 7” was unveiled at E3 for the Xbox One and PC with a scheduled release date for early 2017. “Gwent: The Witcher Card Game” was also shown off during the press conference.

Microsoft spent some time highlighting social features for Xbox Live including club features and an “Arena” mode for multiplayer. Microsoft ended its E3 2016 press conference by unveiling Project Scorpio. Out in 207, Microsoft called it the “most powerful console ever.” Project Scorpio will include complete backwards compatibility and support for VR and 4K gaming.

Original story below:

Microsoft kicks off a busy Monday on the first full day of E3 2016. With the Xbox One trailing Sony’s PS4 in terms of sales, Microsoft needs to get players excited about the console. There could be a slimmer version of the Xbox One, along with exclusive games. The Microsoft E3 2016 live stream begins Monday at 9:30 a.m. PDT (12:30 EDT).

The big rumor ahead of E3 2016 surrounded a slim version of the current Xbox One with double the memory. As is the trend of E3 2016, the Xbox One S leaked ahead of the official announcement. The new Xbox One will be 40 percent smaller and will feature 4K resolution support and a slimmer controller. This is part of a larger strategy by Microsoft to broaden the appeal of the Xbox One. It’s unclear if the Xbox One S will have the same $299 price as the Xbox One or if it will be slightly more expensive with a bundled game.

Microsoft could also announce Xbox streaming devices such as an Xbox stick or Xbox set-top box that could play a selection of games and stream movies without the need for a dedicated console. A full-fledged successor to the Xbox One, code-named Scorpio, is reportedly being developed by Microsoft, but the console will not make an appearance at E3 2016.

Aside from the Xbox One S, Microsoft will likely further its plans to bring its Universal Windows Platform initiative to the Xbox One. Because the console runs Windows 10, developers need to create only one code for their app or game to work across all Windows 10 devices. While the Universal Windows Platform appears to create a more efficient way of creating games, developers have voiced their concerns surrounding the potential to limit games being sold only to the Windows Store. There are also restrictions to how the game performs on the PC, as developers are focusing on the Xbox One, which limits the ability to customize the experience for the PC. The “Quantum Break” PC port was considered a disappointment due to the restrictions imposed by the Universal Windows Platform.

There will also be plenty of games revealed during the Microsoft E3 2016 press conference. Leaks and familiar properties are two early trends for E3 2016. Microsoft looks to buck the trend slightly with a better balance of new properties and sequels. “Crackdown 3” will be a sequel to the 2010 Xbox 360 title.

Screenshots for the  real-time strategy “Halo Wars 2”  leaked online prior to Monday. The blockbuster “Gears of War 4” had its big debut this year. "Gears of War 4" will feature two-player local co-op, new weapons and a robust multiplayer mode. With its release scheduled for Oct. 11, expect plenty of gameplay footage to be shown at E3 2016. “Dead Rising 4” and “State of Decay 2” are rumored to be announced Monday. “Forza Horizon 3” will also be shown.

There will be at least three unique properties showcased at the Microsoft E3 2016 press conference. “ReCore,” an action-adventure title from “Mega Man” creator Keiji Inafune, features robotic dog companions that can be resurrected using different robots found throughout the world.  Leaked screenshots for “ReCore” leaked online along with a Sept. 13 release date for North America.

“Scalebound,” from PlatinumGames, features a customizable dragon. The Xbox One exclusive is scheduled for a 2017 release. Indie games may have a dedicated segment at E3 2106 with “Cuphead,” a run-and-gun platformer inspired by old cartoons, being the highlight. Gameplay from the pirate adventure “Sea of Thieves” could also be shown by Microsoft.

You can watch the Microsoft E3 2016 live stream below.

Watch live video from Xbox on www.twitch.tv