The event, developed by communications planning agency Goodstuff, will be presented by radio and TV presenter Nick Grimshaw and features live performances from The Wombats, Noah and the Whale, Little Boots and Twisted Wheel.
Televised coverage of the event will be promoted in press and digital ads planned and bought by Universal McCann.
Digital activity will run on MySpace, which will also host video-footage and behind the scenes out-takes and interviews.
This partnership is Microsoft's latest attempt to gain market share against stiff competition from Sony's PlayStation 3 and Ninetendo's Wii.
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