The Xbox Live Marketplace will now provide access to "download-to-own TV shows and download-to-rent movies".
Users will also be offered rental movies from CBS, MTV Networks, Paramount Pictures, Turner Broadcasting System, Ultimate Fighting Championship and Warner Bros.
Microsoft claims to have sold six million Xbox 360 consoles by the end of September 2006.
Taking a dig at rival Sony, which launched its long-awaited PlayStation 3 last week amid serious supply shortages, Microsoft said that its Xbox 360 is "prepared to have a booming holiday season, with consoles readily available at retail".
"We are exactly where we wanted to be this holiday with Xbox 360 retail stock availability," said Jeff Bell, corporate vice president of global marketing for the Interactive Entertainment Business at Microsoft.
Examples of content available on the Xbox Live network on 22 November include CSI, CSI: Miami, Star Trek, South Park, Pimp My Ride, Invader Zim, Chinatown, Star Trek VII: Generations, Patriot Games, Star Trek II: The Wrath of Khan, The Sum of All Fears and The Untouchables.
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