Microsoft will launch the new Xbox One experience on November 12, Xbox chief Phil Spencer announced at the company's Halo 5 Live launch.

The new version of the console's system software includes a new user interface, more social features, and the highly-anticipated Xbox 360 backward-compatibility feature.

According to the software's promotional literature, the new UI will enable players to reach many often-used features up to 50% faster.

A new Guide screen allows players to access their friends list, start a party, and more without leaving their games.

Game Hub and Community areas let players get the latest updates from developers and other players alike.

Arguably the most important feature, though, is backward-compatibility, which will work with an ever-increasing selection of Xbox 360 games.

The new Xbox One experience launches as a free update on November 12.