YouTube to launch a new movies-on-demand service

The world's largest video sharing site YouTube is going to launch a movie-on-demand service, charging users to stream Hollywood movies. It seems to successfully compete with the Apple's iTunes service-currently the most popular player in paid video streaming.

The service is expected to start later this week or at the begining of the next week. Sony Pictures Entertainment, Warner Brothers and Universal have already licensed their movies for the new service. YouTube tried to involve all the major Hollywood studios into the new service before its official announcement, but so far Paramount, Fox and Disney have declined to join.

"We think it will start with VOD, but broaden to include sell-through over time," said a senior executive at a Hollywood studio that has signed the deal with YouTube. "We are pretty excited because we are happy to see new entrants come in transactionally rather than a subscription model."

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