Microsoft's E3 conference is still ongoing, but they were more than happy to note that Xbox Live Video Marketplace has already raked in more than $125 million in revenue, and is bigger than any cable providers' VOD offerings. As if that wasn't enough, for everyone who thought Blu-ray would be their only option for Disney films in HD, Microsoft announced that it is bringing both catalog and new releases to Xbox Live, in high definition, starting tonight. Our friends outside the U.S. have something to look forward to as well, because it plans to bring the video marketplace to Canada & Europe by the end of this year. Check out the live blog for more details.

Update 1: Check out the official details after the break.

Update 2: More info from Reuters indicates 35 titles from Disney are available now, including Bridge to Terabithia, The Queen and Deja Vu, but no Pirates of the Caribbean: At World's End (currently available on iTunes in theaters) on the way yet.
High-Definition Content on Marketplace

In a move that will add to the incredible popularity of Xbox LIVE Marketplace, Microsoft announced an agreement with Disney-ABC Domestic Television to make high-definition and standard definition feature films from Walt Disney Pictures, Touchstone Pictures, Miramax Films, and Hollywood Pictures available for rent on demand to members of Xbox LIVE in the U.S. A growing catalogue of current and library titles will be available this July with more blockbusters to come.

Microsoft also announced the highly anticipated rollout of the high-definition video store on Xbox LIVE Marketplace for customers around the globe. Microsoft will begin bringing content to living rooms in Europe and Canada by the end of this year. Currently offering more than 2,350 hours of premium entertainment content from 28 networks and studios, and nearly 500 hours of HD content alone, this puts the U.S. on-demand, high-definition library for Xbox 360 at more than twice the size of the nearest cable provider.

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Microsoft announces Disney movies in HD on Xbox Live right....now