Do you have Amazon Prime and an Xbox 360? We’ll we’ve got good news for you. Amazon has just announced that it’ll be bringing it’s Amazon Instant Video service to Xbox LIVE.

We’re still gathering all the necessary info for you, so forgive us if we’re a little short on details at the moment but it seems you’ll be able to streaming your favorites for the now standard $79.99 or still purchase movies and televisions the old fashioned way for $1.99. If you’ve yet to try Amazon Prime, you can do so via a one month free trial as well. The application should be available for download in the Xbox App Marketplace sometime today.

Update enConnected Reader MCRommert caught an interesting tidbit of information on Amazon’s FAQ about purchasing content directly through the amazon on Xbox LIVE app:

You can shop the Amazon Instant Video store from the web on a PC, Mac or tablet. Anything you buy or will appear in Your Video Library on your Xbox 360, where you can instantly watch your video, or add to Your Watchlist. Buying and renting movies directly on your Xbox 360 is not currently supported. Amazon