We previously reported the rumour that Microsoft would be launching a new line of Xbox consoles, codenamed project Scarlett. Windows Central have been looking into the rumours in more detail, and it appears that there will be a disc-less version of the Xbox One (slated to launch in Spring 2019) plus two next-generation consoles in 2020.
Jez Corden reports that "According to our sources, there are two consoles currently being prepped, aiming for a 2020 holiday debut — a cheaper 'S'-style console, to succeed the Xbox One S, and a more beastly 'X'-style console, to succeed the Xbox One X."
He continues, "The codename for the 'S 2' seems to be 'Lockhart,' and the codename for the 'X 2' seems to be 'Anaconda,' which may also be serving as a dev kit."
The new consoles will still have disc drives, at least as an option.
Microsoft has also been working on their own cloud-based gaming platform; Project xCloud, which was announced in October 2018. The platform should allow gamers to "play the games you want, with the people you want, whenever you want, wherever you are, and on any device of your choosing".
Finally, it would appear that Microsoft are working on a new gaming platform called GameCore, which should make it easier for developers to create games that work well on both the next-generation consoles and Windows 10 PCs. According to Windows Central, we can expect to hear more about GameCore at GDC in March 2019 or at the Microsoft Build conference.