Apple iTunes Movie Rentals announced

Steve Jobs announced Apple's new iTunes Movie Rentals service at MacWorld with support from all major film studios: 20th Century Fox, The Walt Disney Studios, Warner Bros., Paramount, Universal Studios Home Entertainment, Sony Pictures Entertainment, Metro-Goldwyn-Mayer (MGM), Lionsgate and New Line Cinema.

Now releases can be rent for $3.99 and old movies for $2.99. If you want higher quality versions you'll have to pay $1 more. Customers have up to 30 days to start watching it but once a movie has been started you only have 24 hours to finish it.

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 launches today and 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.

“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,” said Steve Jobs, Apple’s CEO. “Movie lovers can now discover and enjoy movies as simply and easily as music lovers discover and enjoy music today on iTunes.”