News Update: Best Buy'S Internet Video Service Ready To Roll (Nyse:Bby)

Published on May 18, 2010
Channel: Tradethetrend
Category: News & Politics
Source: Youtube

Best Buy Co. (BBY) will start renting and selling the latest video releases over high-speed Internet connections by the end of this month. It will compete against an array of other similar services offered by Wal-Mart Stores (WMT), (AMZN), Netflix (NFLX), Apple (AAPL) and Blockbuster (BBI), the AP and other news outlets report. Best Buy began working on the digital delivery system late last year as part of a partnership with Sonic Solutions. The service will bear the CinemaNow brand, which Best Buy bought from Sonic Solutions for an undisclosed amount. Sonic Solutions will provide the technology for piping the video to buyers. Best Buy eventually intends to reach all the Web-connected devices sold through its more than 1,000 stores. For starters, it will be available on some Blu-ray players made by LG Electronics and some home theater packages sold by Best Buy. Next in line: Samsung's Internet-ready Blu-ray players and TVS. Rentals are expected to cost about $4 per title, while consumers who want to own will pay about $15, the AP reported.