Microsoft on Monday unveiled additional details about updates to its Xbox 360 gaming console, including a partnership that will allow instant streaming from Netflix.

Earlier this morning, the software giant unveiled an Xbox 360 console with triple the storage space--increasing from 20GB to 60GB--but the same $349 price tag. The price of the 20GB console, meanwhile, recently dropped to $299.

Storage increases and price drops are not the only updates to the Xbox 360, however. Among the add-ons will be the ability to instantly stream Netflix movies and TV shows from the console directly to TV screens.

The offering will be open to Xbox Live Gold members who also subscribe to Netflix. It will launch in late fall, and users will have access to approximately 10,000 movies and TV shows, according to Microsoft.

More details after the jump.

"We are creating a completely new social entertainment experience, and Xbox 360 will be the only video game system where you can access your library of instantly streamable movies from Netflix and turn any room into a virtual movie theater," John Schappert, corporate vice president of Interactive Entertainment LIVE, software and services business at Microsoft, said in a statement.

Schappert unveiled the changes at the annual E3 Media and Business Summit, an annual trade show for the computer and video games industry.

"For Netflix, it represents an important step forward in making instantly streaming movies on the TV more broadly available to our members," said Reed Hastings, chairman and CEO of Netflix.

The existing Xbox Live Marketplace video also allows users to download movies and purchase TV shows. The updated console, however, will have a revamped marketplace that will let users browse and buy content from Xbox.com and download it automatically to the console, according to a Monday blog post from the Xbox and Games for Windows marketing team.

Users will also be allowed to copy their games and play directly from the hard drive, resulting in faster load times, Microsoft's Marc Whitten wrote in the blog post. "Of course, you will still need the disc in the tray to prove you own the game," he said.

Microsoft will also build the dashboard into the Xbox guide. The tabbed interfaces known as "blades" will now include every feature and option, including access to the full games library at any time.

"No matter where you are (in dash or in game), immediately call up your games played list and directly launch a game," Whitten wrote.

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