Microsoft was able to take lessons learned from the first Xbox to its second model, the Xbox 360 released in 2005, beating out Sony's release of the PlayStation 3 in 2006. Besides the earlier release and an improved design, Microsoft had secured more first-party developers in its Microsoft Game Studios, mimicking Sony's own first-party developers, as well as other third-party developers for several console exclusives.[45] The PlayStation 3, on the other hand, had fewer exclusives at launch and was hampered by a higher price point at launch, giving the Xbox 360 an edge in the first years of release.[46] Both consoles aimed to include multimedia feature into high-definition movie playback.[47] One miscue Microsoft had was backing the HD-DVD standard for movie playback over the Blu-ray standard that Sony had selected, as shortly after the Xbox 360's release, the movie industry had standardized on Blu-ray.[48] The Xbox 360 also suffered from the "Red Ring of Death", a hardware fault on a large fraction of retail models that cost Microsoft over $1.1 billion in repairs over the console's lifetime.[49]