Using the PlayStation Network users will be able to download NBC TV programmes and Universal films to their gaming consoles for about $5 (£3).
Sony said that more than 20m users are registered to its PlayStation Network, compared to Xbox Live's 17m, but did not reveal how many of its accounts are currently active.
Sony's agreement with NBC Universal includes over 1,000 films including 'Milk' and 'Role Models' and 4,500 television programmes, such as 'The Office' and 'Heroes'.
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Microsoft also recently signed an agreement with US DVD delivery service Netflix, and offers about 30,000 movies and TV programmes through Xbox Live.
With the PlayStation Network, television shows will be made available the day after they air on NBC and will, with films, be available in High Definition.
The content will also be available to download via Sony's PSP handheld gaming system.
Craig Kornblau, Universal's home entertainment head, said: "The home entertainment experience continues to evolve and families are increasingly looking for activities within the home to power their leisure time.
"Combining our celebrated film and television content with the explosive appeal of Sony's gaming devices presents consumers with a terrific value proposition, granting them choice, flexibility and easy access to NBC Universal titles, all with a push of a button."