Current memory cards for the Xbox 360 are 64MB and cost $29.99 in the US and £22.99 in the UK. However, today at the Game Developers Conference Microsoft unveiled its new 512MB memory card. The new card will hold up to 512MB of information and will cost only $49.99 US or £34.99 in the UK. The new card will be released worldwide on April 3, 2007.

At eight times the size of the original store cards, and at less than twice the cost, gamers will now be able to store more of their profile information and saved game data. “The new size limit offers developers increased flexibility and continued opportunities for innovative game development, while also ensuring that the millions of gamers on Xbox LIVE can continue to easily access, download and play all Xbox LIVE Arcade games on Xbox 360,” said Chris Early, product unit manager for Xbox LIVE Arcade and Microsoft Casual Games at Microsoft.

The new memory card was announced with an update that Xbox LIVE Arcade games will now have up to 150MB of space, as opposed to the 50MB originally alotted for the titles. The news has some developers excited at the possibilities.

“As we prepare to launch our first Xbox LIVE Arcade game, ‘Boom Boom Rocket,’ we’re able to see how dynamic and creative this platform is,” said Chip Lange, vice president of Online Commerce for Electronic Arts Inc. (EA). “Having ‘Wing Commander Arena’ on Xbox LIVE Arcade allows us to take full advantage of the online play and bring to life a 16-player online arcade experience that delivers unparalleled arcade action.”

This week at the Game Developers Conference, Microsoft is slotted to announced other new titles for the Xbox LIVE Arcade:

- “Boom Boom Rocket” (EA and Bizarre Creations)
- “3D Ultra™ Minigolf Adventures” (Sierra Online and Wanako Games)
- “Eets: Chowdown” (Klei Entertainment Inc.)
- “Jetpac Refuelled” (Rare Ltd.)
- “Pinball FX” (ZEN Studios Ltd.)

Xbox LIVE Arcade continues to grow and has surpassed 20 million game downloads.

Expect more up to the minute news from DPAD as Mike Antebi will be live on location later this week!

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Related: Game Developers Conference Preview | EA Soundtracks now on iTunes