Microsoft and Hi-Fi specialist Onkyo have announced that they will be teaming up, suggesting we are likely to see media streaming devices in the near future.

The agreement, announced on Friday, will see the two companies share a broad patent cross-licensing collaboration to foster innovation.

"The intellectual property (IP) collaboration between Microsoft and Onkyo (which recently acquired Japan-based PC manufacturer Sotec Co. Ltd.) will contribute to the production of high-quality hardware and versatile, reliable software technology", the two companies said in a statement before going on to say that the move "will further promote seamless integration and accelerate innovation in consumer audiovisual (A/V) electronics, personal computing, and home theater custom installation markets".

Although the contents of the agreement (including the specific financial terms) are confidential, the parties indicated that Onkyo will provide compensation to Microsoft.