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 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.
Once a movie is rented, it starts downloading from the iTunes Store directly to iTunes or Apple TV, and users with a fast Internet connection can start viewing the movie in seconds. Customers have up to 30 days to start watching it, and once a movie has been started customers have 24 hours to finish it—or watch it multiple times.
Apple will certainly be going head on with Blockbuster and Netflix and if they are not taking Apple's new movie rental business seriously, soon they will go out of business as Apple has more competitive edge over them. Apple do not need to have physical presence afterall the services are being streamed digitally directly to end users' devices just like how they had streamed 1 billion iTunes music downloads. Look around where are the mom and pop shops selling CDs, most are no longer around and i m sure the movie rental shops that we all go to will soon ended up just like the CD Shops.