According to the Verge, Microsoft will have a sneak peak of its new music service -- codename Woodstock -- at this year's E3.
Early details suggest the browser-based service will let users share tracks and build group playlists. It will also apparently have a "scan and match" component similar to iTunes Match. That feature in iTunes Match finds songs that you've already got on your computer and offers up official, high bitrate versions, no questions asked. Spotify and Rdio also scan your library to add existing tracks to your cloud library, but it's unclear whether Microsoft's version would offer high quality downloads. It will reportedly be available on Windows 8, Android, iOS and Xbox (and presumably Mac users will be fine since it's browser-based?).
Giz AU Editor's Note: Presuming this pans out, I wouldn't be putting a lot of money down on this being available in Australia all that quickly, although given we've got Zune Music, it's always possible.
Microsoft shoving its way into entertainment isn't anything new -- the Xbox is basically its Apple TV at this point -- but the timing of the launch would be pretty symbolic: instead of running out new gaming hardware at E3, Microsoft's got a music streaming service. [The Verge]