Walt Disney Studios is tapping into Microsoft Xbox Live’s growing video service that has marked close to 10 million downloads in the seven months since its launch. The deal was announced today at the new trade-only E3 Media & Business Summit taking place in Santa Monica, California.

Starting immediately, films from Walt Disney Pictures kids’ stable, Touchstone Pictures, Hollywood Pictures and Miramax Films will be available through Xbox Live Marketplace, the high-definition video download service available to Xbox 360 console owners.

So far, Xbox Live has corralled more than 2,000 hours of film and TV content for download and the service is on track to reach 10 million members by the end of June 2008. According to Microsoft, a new Xbox Live member joined every eight seconds last year.