Best Buy to launch Netflix-type service: Reports

Best Buy Co. Ltd. is preparing to launch its CinemaNow video downloading service in Canada later this summer, according to a report by the Financial Post.

A cross between Netflix and Apple’s iTunes, CinemaNow will offer users the choice to buy or rent first-run movies and television shows from their computer over the Internet.

The service will launch sometime in August with more than 10,000 movie titles from the likes of Sony Pictures and Fox Entertainment.

The electronics retailer, which also owns Future Shop, eventually plans to offer CinemaNow to web-connected TVs, Blu-ray players, mobile devices and video game consoles.

Canadian prices were not provided, but most CinemaNow movies in the U.S. are priced between $10 and $15.

The company also plans to launch a chain of video rental kiosks across the country, the Financial Post reports.

BestBuy did not immediately return calls seeking comment…. Read More [via canoe]