The Xbox One may be trailing behind the PlayStation 4 in the current-generation sales race, but Microsoft has high hopes for its console this holiday. Speaking with GameSpot this week at E3 2015, Microsoft executive Aaron Greenberg said a string of blockbuster exclusive games and new backward compatibility functionality will lead to a "massive migration" of Xbox 360 owners moving to Xbox One.

"A lot of people have been waiting for the next Halo; a lot of people have been waiting for Gears; a lot of people have been waiting for backwards compatibility," Greenberg said.

Halo 5: Guardians, Gears of War Ultimate Edition, and backward compatibility will all be available on Xbox One before the end of the year.

"And so we think having all of that coming this holiday; we expect we're going to see a massive migration," he added. "We expect millions of Xbox 360 owners to migrate and move to Xbox One. We see that the majority of people who buy an Xbox One today own an Xbox 360. So our fanbase has stayed very loyal. And frankly, they're waiting for those new releases to come this year."

Greenberg stressed that you should not underestimate how pivotal backwards compatibility will be in encouraging people to upgrade from an Xbox 360 to an Xbox One.

You can watch our full interview with Greenberg below.