This is the best summary I could come up with:

If you already own a bunch of Xbox 360 digital games, they’ll continue to be playable.

You just won’t be able to purchase new games or DLC from an Xbox 360 console.

Microsoft is also removing the Movies & TV app from Xbox 360.

This means “TV and movie content will no longer be viewable on your Xbox 360 after July 29th, 2024,” explains Dave McCarthy, corporate vice president of Xbox player services.

While the Xbox 360 Store might be closing next year, you’ll still be able to continue to purchase backward-compatible Xbox 360 games.

Microsoft has a full FAQ page about the Xbox 360 Store closure right here.

I’m a bot and I’m open source!