Starting from version 14, XBMC Media Center will have a new name: Kodi Entertainment Center or simply 'Kodi'. Since 2002, this nifty little media center application went through three different name changes, Kodi is going to be the final.
Kodi is the new XBMC
How many here are aware of the fact that XBMC was originally called Xbox Media Player? It was initially created as a stand alone application for first generation Xbox gaming console. Since the application was much more feature rich than an average media player, it was renamed as Xbox Media Center in 2004. And later in 2008, all its Xbox leanings were dropped and the new application was called XBMC.
More than 6 years later, the XBMC Media Center is going to have one last name change. "Kodi" is the new XBMC, the extremely capable media center application is going through one final re-branding exercise. While the software still acts as a media center, it also hosts addons, loads games, streams content, and can ultimately act as a complete replacement for whatever platform it is hosted on. Indeed, XBMC today is more of an Entertainment Center than a simple Media Center. Hence the name Kodi Entertainment Center.
The rest will remain pretty much the same. The code will continue to be licensed under the GPL v2.0 and the next release will be titled Kodi 14. See official announcement.