As many heard the other day Netflix will finally be streaming to the PS3 gaming console. What many didn’t hear is that streaming Netflix to the PS3 wont be done through an application on the XMB menu system, but instead will be using BD Live through a special Blu-Ray Disc to stream content. The interesting part is that this may be due to a loophole in Microsoft’s Netflix exclusivity deal. Hit the jump for more details…

Yes Netflix will be coming to the PS3, but how when Microsoft have claimed they have exclusivity? Michael Pachter of Wedbush Securities, everyone’s favorite video game industry analyst, claims that this workaround avoids violating Netflix and Microsoft’s exclusivity deal by streaming Netflix to the PS3 via BD Live.

Gamespot and Joystiq have contacted Netflix for more specifics and here are the main details: