Users in the US will be able to rent movies from US$2.99 (A$3.40) and watch them on Macs or PCs, Apple TV or even iPod and iPhone devices.
The service features rentals from 20th Century Fox, Disney Studios, Warner Bros., Paramount, Universal Studios, Sony Pictures, MGM, Lionsgate and New Line Cinema.
The iTunes Movie Rentals service requires a valid credit card with a billing address in the country of purchase. iTunes Movie Rentals are available in the US only and are US$2.99 for library titles and US$3.99 for new releases, and high definition versions are priced just one dollar more with library titles at US$3.99 and new releases at US$4.99.
Apple says it will offer more than 1,000 titles by the end of February.
The announcement has long been anticipated, but it still had an impact on the share price of rental competitors. Share in US rental giant Blockbuster plunged 17 per cent after Apple chief executive Steve Jobs outlined the plan in a speech to Macworld.
“iTunes Movie Rentals instantly brings great movies from all the major studios directly to your iPod, iPhone, TV or computer – without having to drive to the video store or wait for DVDs to arrive in the mail,” Mr Jobs said.
iTunes’ legendary ease of use, et cetera et cetera.
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