is a new venture backed by Walt Disney, Intel and Cisco Systems. Using a set-top box, viewers will have access to new releases and popular titles from major studios, with 100 films available instantly at any one time. They will be able to watch the films just as they would a DVD, with rewind, pause and fast-forward features.
The service launches in 29 cities in the US, including New York, Los Angeles and Chicago. Users can set parental controls and spending limits on the service.
The box will cost $199.99 (£115) and there is a service activation fee of $29.99. After that, films costs between $1.99 and $3.99 to rent, giving the customer access to the title for 24 hours. High-definition films are rented out at a $1 premium.
MovieBeam could spell the beginning of the end of online DVD libraries, such as Netflix, only a couple of years after the online libraries threatened to bring about the end of video stores. The US film rental market is worth $10bn.
The company is positioning itself as an easy alternative to online DVD rentals -- although with the major libraries having as many as 55,000 different titles available as well as TV shows, it may not convince some serious film and TV buffs.
Tres Izzard, CEO of MovieBeam, said: "We have built MovieBeam to directly address what's most important to our target customers: convenience, quality and choice.
"Our target customers are movie lovers who want a more convenient way to rent the movies they want to watch when they want to watch them and value the overall quality of the experience."
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