Could this be the service Microsoft announced during its E3 2011 press conference, and has yet to speak about with any specificity? Or is it some derivation of the rumored Xbox Live Diamond project? That remains unclear, but with the company's plans to launch some form of streaming television on Xbox 360 this fall, it stands to reason we'll hear more about what's actually going on in the not-so-distant future.
Update: Microsoft tells us it "doesn't comment on rumors or speculations," as expected. We'd also like to point out that while Microsoft's Zune Marketplace has had the ability to stream content for some time, today's rumor specifically pertains to a subscription for the Marketplace content to be streamed.