What Microsoft is launching as a beta is 'NetShow streaming server', which provides video and audio on demand.
Literal
Microsoft [subject-が] β-version [object-を] launches [nominalizer-の-topic-は] 'NetShow streaming server' [with-で], video [and-や] audio [object-を] on-demand [instrumental-で] provides.
Tech news style, with a cleft-like structure: [subject that does Verb]-のは [what they do]-で [continuation]. The connective で here is the て form of the copula, chaining the identifying clause into the explanation that follows. ランチ (launch) here is a nonstandard spelling/pronunciation that should be ローンチ — a common 2000s-era drift in tech writing where the English word hadn't settled into a stable katakana form yet.