Microsoft's new revamped music service, Xbox Music, will offer subscriptions for access to a music streaming service and paid downloads for albums and individual songs, according to Bloomberg. The streaming service will feature both monthly and annual subscription options.

In addition, users can purchase a "virtual locker", a cloud storage file that can hold music collections that include songs purchased outside of Xbox Music. The "locker" will be accessible from any device compatible with the service, including Windows 8-enabled tablets and smartphones.

Microsoft already has both a music store and streaming music service in the Zune Marketplace, which means the service isn't quite as big change as one might have assumed. Still, the ability to stream music your entire music collection, including all songs you've downloaded from iTunes over the years, does sound at least a little appealing.

[Via Bloomberg]