Verizon and Redbox team up to launch Netflix killer

Netflix is about to get some high powered competition. Today, Verizon and Coinstar announced a new partnership that will create a service that combines a streaming video system from Verizon with the physical DVD and Blu-Ray rental service operated via Coinstar's many Redbox kiosks.

The two companies have created an infographic, shown below, that gives a general idea of how the new service will work:

Verizon will own 65 percent of the new venture with Coinstar responsible for the other 35 percent. The service is expected to launch in the second half of 2012. The press release states:

It will offer subscription services and more in an easy-to-use, flexible and affordable service that will allow all consumers across the U.S. to enjoy the new and popular entertainment they want, whenever they choose, using the media and devices they prefer.

There's no word on what specific content will be made available on this new service.

While Netflix is not seen as the all powerful business it once was, it is still the leader in offering streaming movie and TV shows here in the US. In January it announced that its streaming subscriber rate had increased once again, gaining 220,000 US subscribers and adding 1.86 million overseas subscribers.

Image via Verizon/Coinstar

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