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Microsoft is planning a streaming service called 'Rio'

Employees have spilled the beans from Microsoft's annual meeting, and it looks like a streaming service is in the pipeline.

Her name is Rio and she dances in the sun. Or rather, her name is Rio, and she could well be the name of Microsoft's forthcoming streaming service. Not quite as catchy, admittedly.

Rio is just one of the juicy titbits that Microsoft's employees have leaked from the annual company meeting. The service will let you stream Xbox One games to your Surface and Windows Phone handset at "Xbox-level visual quality", sources told CNET. It could also help with the backwards compatibility problem on the Xbox One.

According to Windows SuperSite's Paul Thurrott: "But here's a secret benefit of this technology: Microsoft might use this to solve the backward-compatibility problem of the Xbox One, which cannot play Xbox 360 games: It could simply stream these titles to customers."

Looks like Sony might not be the only big-hitter games company with streaming skills up its sleeve.

Microsoft could even use the tech to stream applications like Office. Though I can imagine far more exciting things to stream.

A single app store for Windows and Windows Phone could also be on the way. Apparently this could be part of the next version of Windows, so we shouldn't have to wait long to find out. We've heard murmurings of this before. Earlier this year, the firm recruited a software development engineer to make it easier for developers to make apps that work across both platforms.

"Do you wish the code you write for Windows Store apps would just work on the Windows Phone and vice versa?" the ad read. Doesn't get much clearer than that.

At his recent farewell speech, Microsoft's CEO Steve Ballmer claimed the company would build the next big thing. He also cried, danced to Wanna Be Startin' Somethin' by Michael Jackson, and closed the speech to the theme from Dirty Dancing. The man's all class.

The Verge has a video of the big man getting all choked up at the speech.

Would you like to see a Microsoft streaming service? Let me know in the comments, or beam yourself over to our Facebook page.