Apple CEO Steve Jobs has finally confirmed what has been a not well kept secret today at the Macworld event. Jobs announced iTunes movie rentals alongside the announcement that deals had been made with every major studio for distribution.
The company also said that they have so far sold 125 million TV shows and 7 million movies through their iTunes platform but did admit that those numbers were not up to expectations. Jobs confirmed that movie rental partnerships had been made with Touchstone, MGM, Miramax, New Line, Lionsgate, Fox, Warner Bros. Disney, Paramount, Universal and Sony.
"We've never offered a rental model in music because we don't think people don't want to rent music. But your favorite movie, most of us watch once, and renting is a great way to do it," Jobs said.
By the end of February there will be 1000 films available for rental and all new releases will be added to the store 30 days after its DVD launch. Users can watch the movies on their PCs, as well as on their iPods and the iPhone.
As is the new standard with online movie rentals, customers will have 30 days to begin watching the film and 24 hours after beginning to finish the film before it expires.
Archived titles will cost $2.99 USD while new releases will start at $3.99 USD. Currently, the service will be US-only but Apple hopes to bring it international later in the year.
"We've never offered a rental model in music because we don't think people don't want to rent music. But your favorite movie, most of us watch once, and renting is a great way to do it," Jobs said.
By the end of February there will be 1000 films available for rental and all new releases will be added to the store 30 days after its DVD launch. Users can watch the movies on their PCs, as well as on their iPods and the iPhone.
As is the new standard with online movie rentals, customers will have 30 days to begin watching the film and 24 hours after beginning to finish the film before it expires.
Archived titles will cost $2.99 USD while new releases will start at $3.99 USD. Currently, the service will be US-only but Apple hopes to bring it international later in the year.
