“Shares of movie-rental services Blockbuster Inc. (BBI: $2.73, -0.50, -15.5%) and Netflix Inc. (NFLX: $21.84, -0.93, -4.1%) both dropped sharply Tuesday after Apple Inc. unveiled a new online movie-rental service that it says has the backing of all the major movie studios,” Alexander Davis reports for MarketWatch.
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Apple today announced iTunes Movie Rentals featuring movies from all the major movie studios including 20th Century Fox, The Walt Disney Studios, Warner Bros., Paramount, Universal Studios Home Entertainment, Sony Pictures Entertainment, Metro-Goldwyn-Mayer (MGM), Lionsgate and New Line Cinema. Users can rent movies for as low as $2.99 and watch them on their Macs or PCs, all current generation iPods, iPhone and Apple TV. iTunes Movie Rentals launches today and will offer over 1,000 titles by the end of February, including over 100 titles in stunning high definition video with 5.1 Dolby Digital surround sound which users can rent directly from their widescreen TV using Apple TV. iTunes Movie Rentals are priced at $2.99 for library titles and $3.99 for new releases, and high definition versions are just one dollar more with library titles at $3.99 and new releases at $4.99.
In addition, Twentieth Century Fox and Apple today announced Digital Copy for iTunes, which provides customers who purchase a DVD with an additional Digital Copy of the movie. Just like movies purchased from the iTunes Store, an iTunes Digital Copy can effortlessly be transferred to iTunes and then viewed on a PC or Mac, iPod with video, iPhone or on Apple TV.
Apple today also unveiled all new software for Apple TV that allows movie fans to rent movies on the iTunes Store directly from their widescreen TV, and lowered the price of Apple TV to just $229. With iTunes Movie Rentals and Apple TV, users can just click a button on their remote to effortlessly rent movies from a catalog of over 1,000 titles by the end of February, including over 100 titles in stunning high definition video with 5.1 Dolby Digital surround sound, with no computer required.