Microsoft is reported working on a new subscription based video service for Xbox LIVE customers.

The Daily announced in an “exclusive” that Microsoft is continuously working on a video streaming subscription service.The service “Ventura”, will be zune-branded and monthly subscription-based.The service will be launched along with other entertainment add-ons later this year.

The vision for Xbox is straightforward, All of the entertainment you want. With the people you care about. Made easy.

Shaw highlighted the company’s ties with ESPN, Netflix and Hulu as evidence of Xbox’s entertainment strategy. Shaw also hinted that Microsoft will market Xbox as an entertainment brand. He said this in May

You’ll see Xbox marketed more as an entertainment brand this year.

Another service that comes under spotlight is Microsofts Xox Live Diamond service which includes subscription-based plans to access Live TV ,codenamed “Orapa”.along with these subscription-based services, Microsoft will launch a new dashboard interface for Xbox later this year that combines UIs of Windows phone 7 and Windows 8.