New Delhi, May 27 (IANS): Microsoft has reportedly confirmed that it is working on an affordable Xbox cloud streaming device or dongle codenamed 'Keystone'.

A Microsoft spokesperson told Windows Central that the existing version of 'Keystone' needs a little more time to bake before going live.

"Our vision for Xbox Cloud Gaming is unwavering, our goal is to enable people to play the games they want, on the devices they want, anywhere they want. As announced last year, we've been working on a game-streaming device, codename Keystone, that could be connected to any TV or monitor without the need for a console," a Microsoft spokesperson said in a statement.

According to the report, 'Keystone' has been in development for a couple of years, with Microsoft continuing to finalise the product's feature set.

Xbox Series S is Microsoft's most affordable gaming console at $299.

Microsoft's 'Keystone' may cost $199 or less, which will place it as a direct competitor to Apple TV.

Utilising Windows instead of alternatives like Android would allow Microsoft to offer its own streaming media apps like Microsoft Movies and TV, the report mentioned.

Previously, the company has also hinted at bringing TV apps for Xbox Cloud Gaming as well, which would lower the barrier even further.

"We have made the decision to pivot away from the current iteration of the Keystone device. We will take our learnings and refocus our efforts on a new approach that will allow us to deliver Xbox Cloud Gaming to more players around the world in the future." The company was quoted as saying.