Microsoft Corp. (MSFT) on Tuesday said it plans to boost shipments of its Xbox 360 video game console by "two to three times" this week to address shortages that have crimped game sales across the industry.

The software giant's game console is widely viewed as a crucial product that underscores its commitment to play a big role in delivering entertainment and media in the living room.

Initially, Microsoft hoped to sell 2.75 million to 3 million consoles in the first 90 days after the product's U.S. launch in November. The company later reduced that target to 2.5 million but said it still aimed to sell 4.5 million to 5.5 million units by the end of June.

Microsoft also said on Tuesday that Xbox Live, the online download accessible by the console, has logged more than 10 million downloads, which it said was "faster than iTunes did when it launched."

More than 85 percent of Xbox 360 consoles that are connected to the Internet have downloaded games, trailers and videos from the service.