Xbox One named "Product of the Year" for 2014

We're only two months into the new year, but Microsoft's Xbox One is already winning awards for 2014. The console has been named a "Product of the Year" for 2014 in the Home Entertainment category of Product of the Year's annual awards. The Xbox One came out on top following a survey of more than 40,000 consumers conducted by market research firm TNS. It's not clear what other products the Xbox One beat out to claim the title or how the survey was structured.

Product of the Year winners were featured in an AdWeek exclusive and on the cover of the latest Parade Magazine. According to Product of the Year organizers, the Xbox One--and all other winners--stand to enjoy a 10-15 percent sales boost from being featured as a winner.

Speaking to Parade about the win, Microsoft director of product planning Albert Penello said: "The gaming console has moved out of the basement and into the living room." He's no doubt referencing the Xbox One's "all-in-one" multipurpose nature, that is, its ability to play games, TV, movies, and music.

The Product of the Year organization has a history in the United Kingdom spanning nearly 30 years, but it's only been featured in the United States for six years. Product of the Year CEO Mike Nolan said winners represent "truly superior innovation" in their categories. Other winners include SK Energy Shots (Beverages), Starburst Fruit Flavored Candy Corn (Candy), and Eggland's Best (Eggs).

The full list of Product of the Year 2014 winners is available at AdWeek.

The Xbox One launched on November 22 and sold more than 3 million units in 2013 alone. Yesterday, Microsoft announced the system's first official price cut from £430 to £400 in the United Kingdom only effective on Friday. A special, limited-edition Titanfall Xbox One bundle will also be available when the game launches on March 11.