Google Play is a place for digital entertainment, it is entirely a cloud-based storage of your music, movies, books, and apps, always available everywhere everytime for you to access.
With Google Play you can:
- Store up to 20,000 songs for free and buy millions of new tracks
- Download more than 450,000 Android apps and games
- Browse the world’s largest selection of eBooks
- Rent thousands of your favorite movies, including new releases and HD title
On 7 March 2012, Android Market, Google Music, and Google eBookstore became a part of Google Play everything will be available at Google Play, just log in as usual and access them on Google Play.
For movies, music, and ebooks only available in U.S., Canada and UK got movies, books, and Android apps, in Japan only got movies and apps, and any other places got access only for Android apps.
Source : googleblog