This celebration is partially in response to the honor (honour) that the Queen gave the studio in April of this year, as Jagex was granted the Queen's Award for Innovation in Enterprise.
"We thought it was only appropriate to return our appreciation and admiration by immortalising the Queen's monumental 60-year achievement by providing an online platform for hundreds of millions of people around the world to come together," said CEO Mark Gerhard. "Friends and family will share in the fun and celebrations of this very special day celebrating her Diamond Jubilee, by hosting what may be the first, but certainly will be the world's largest, virtual street party."
If you're wondering if the Queen will be there, well, Jagex did extend an invitation. You can watch the Jubilee Celebration trailer after the jump.
[Source: Jagex press release]