"All Xbox Live Gold members with a Netflix subscription will be able to instantly watch more than 12,000 movies from the Netflix library at no extra charge," writes Microsoft's official Gamerscore Blog.

The blog post added that the Xbox Live Video Marketplace will be included in the overhaul, featuring hi-res box art and detailed information for all of the content available.

The ability to share those videos with online friends was recently delayed from the release of the update and is promised as "coming soon."