Microsoft has again slashed $50 off the price tag of its Xbox One gaming console to bring it down to $349.

Ahead of the holiday shopping season, Microsoft announced that it was temporarily cutting the price of the Xbox One to $349, marking a $50 discount off the regular pricing. That move proved to be quite successful for the console, as it boosted demand and outsold rival PlayStation 4 (PS4) console for the second consecutive month in December. Following that resounding success, Microsoft has decided to re-apply the $50 price cut to further boost Xbox One sales, and the new promotion kicked off on Friday, Jan. 16.

"This past year was a fantastic one for the video game industry - and Xbox One ended 2014 with an unprecedented holiday season, becoming the best-selling console in the U.S. in November and December. In fact, weekly average sales during these months outpaced Xbox 360 by 50 percent at the same point in its lifecycle," Microsoft announced in an Xbox Wire post on Jan. 15.

"Building off a record-setting holiday, we are excited to announce a new promotion in which fans in the U.S. can buy an Xbox One at a special price of $349, starting tomorrow, January 16, from their preferred retailer," added Mike Nichols, Corporate Vice President of Marketing for Xbox. "We are thankful for all the excitement for Xbox One this holiday and proud to offer more fans the amazing games lineup, Xbox Live gaming community, and continual innovation that Xbox One fans have come to enjoy."

It remains unclear, however, if this "new promotion" and "special price" mean this is a limited-time offer, or whether the new Xbox One $349 price is permanent. At the same time, the post mentions that this offer is available to U.S. customers , but Microsoft has not clearly stated whether this is a U.S.-exclusive promotion.

Either way, the new price cut makes the Xbox One notably cheaper compared to its original pricing, as the console launched at $499. If this is a limited-time promotion, Microsoft has yet to announce when it will expire. In the meantime, the Xbox One is now available at $349 in the U.S. as of Friday, Jan. 16.