Netflix is getting more competition from new Verizon and Redbox partnership

Verizon was rumored to be planning a Netflix-like streaming video service during December in 2011. Today the company has confirmed those rumors by announcing a joint venture with Coinstar’s Redbox brand. The two companies will work together to create a new online video service while retaining Redbox’s traditional DVD and Blu-ray rental business.

Both companies are keeping specific details under wraps for now. We do know Redbox and Verizon will showcase its offerings in the “second half of 2012″ according to its press release. We also know the streaming video service will be accessible on a range of devices that are currently in homes across America.

Some potential customers may be concerned with the requirements to access Verizon’s and Redbox’s streaming service. With alternatives such as the Blockbuster Movie Pass, an existing membership with Dish Network is required. It sounds like that won’t be the case with Verizon’s venture. The press release says “all consumers across the U.S.” will be able to take part in viewing new and popular video entertainment.

Via [Verizon]