A preview of the upcoming Xbox Live update goes live on Monday, but we’ve got all the details to share with you now. And we have a gaggle of screenshots to boot.

What does this Xbox LIVE Update include?

Netflix Updates Now you can watch movies with your friends no matter where they are and manage your queue from the comfort of your couch.

Movie Parties – Xbox LIVE Gold members can sit together in a virtual theater with up to seven friends no matter where they are while your Avatars watch a movie, flirt or even throw popcorn at each other.

Manage Your Queue – Browse the Netflix Instant Watch video catalogue, choose from the most popular movies and genres and add to your queue all from the comfort of your couch – no computer required.

Enhanced Playback Experience – Enjoy a smooth viewing experience when your internet bandwidth fluctuates.

Friends Info – Richer information is now displayed in the Friends channel and in the Guide showing what you and your friends are doing.

Avatar Marketplace Express yourself! Deck your Avatar out with the latest clothing and props from the top brands and game franchises.

Clothing – Download premium items, including branded apparel from your favorite fashion labels and Xbox 360 games such as “Halo.”

Props – You can now equip your avatar with animated items they can carry around and interact with.

Awardables – The ability to earn Avatar clothing and props as rewards within games has been added. Please stay tuned for an update on supporting titles.

Games on Demand(Games on Demand will be available in the preview beginning early August.) Enjoy 24 x 7 access to a growing online library of popular full game titles on Xbox LIVE whenever you want them, in the comfort of your living room.

What does this Xbox LIVE Update not include?

The following features will be coming in future Xbox LIVE updates, which we’ll be sure to let you know about.

• Facebook
• Twitter
• Zune video and 1080p Instant On
• Last.fm

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