SAN FRANCISCO (TheStreet) -- Best Buy(BBY Quote) plans to enter the movie rental business, allowing consumers to stream films over the Internet.
The electronics retailer is joining with CinemaNow, which has distribution deals with major studios. The software that connects with CinemaNow will be sold in all Web-connected devices sold at Best Buy, like flat-panel televisions, Blu-ray players and mobile phones. This puts Best Buy in even closer competition with DVD-by-mail company Netflix(NFLX Quote), and with Blockbuster(BBI Quote). Last week, Netflix announced a deal with Sony(SNE Quote) that would enable PlayStation 3 owners to stream movies over their consoles. Netflix already had a deal with Microsoft's(MSFT Quote) Xbox 360 to allow this feature. Blockbuster has also partnered with CinemaNow to allow its customers to shop for movies over the Internet. It's a crowded field, to be sure: Amazon(AMZN Quote) also streams movies for as low as 99 cents, and rumors circulated recently that Google's(GOOG Quote) YouTube may also begin charging for streamed movies. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.- Loading Comments...
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