Los Gatos, Calif. - Online DVD rental firm Netflix on Tuesday announced plans to launch a new feature that lets subscribers watch TV shows and movies on the company's website.

The service, which will initially include about 1,000 movies and TV series, will be made available for free to Netflix subscribers in a phased roll-out over the next six months.

Most of the major and independent movies studios will support the new feature, as well as TV producers including A&E, the BBC and IFC.

Los Gatos, Calif.-based Netflix said the electronic delivery feature will include an application that allows almost real-time playback of movies, which will launch in as little as 10 to 15 seconds.

"While mainstream consumer adoption of online movie watching will take a number of years due to content and technology hurdles, the time is right for Netflix to take the first step," said Netflix CEO Reed Hastings. "Over the coming years we'll expand our selection of films, and we'll work to get to every Internet-connected screen, from cell phones to PCs to plasma screens."

Related Links:
http://biz.yahoo.com/prnews/070116/sftu117.html?.v=70
http://biz.yahoo.com/rb/070116/netflix_download.html?.v=1 (Reuters)
http://www.netflix.com