Verizon and DVD rental company RedBox have come together to  to create a TV and movie streaming service. They are planning to launch the brand new service in May of 2012. Techcrunch have recently reported these new plans for the two giant companies.

The service will mean that users will have to subscribe to use it and gain access to all of the services. The brand new project is been known to industry insiders as "Project Zoetrope."

It has been reported that the new service will allow users to purchase a certain amount of credits to use these credits for movie rentals and content streaming.

RedBox has been thinking about creating an online subscription service like this for a while now. Therefore, it is a perfect partnership between Verizon and RedBox at this time.  A spokesman for Verizon stated that they are not revealing any concrete information at this time. RedBox however, refused to comment any of the agreements that could have been made between the two companies.

The project that is due to launch in May of 2012 may very well be able to work in line  with iOS, Android, Google TV and Xbox. It is possible that it will be compatible with other devices that streaming is possible. It is also possible that it can be used on browsers but you will not be able to use it with cable and digitial television devices.

It has also been stated that mobile users will be able to stream content and store it on their mobile handsets.  Although things are looking likely, it has been stated that the two companies are still negotiating deals with providers of the content that will eventually be used for streaming.

RedBox is a very well known company and is a giant in the DVD rental business. They have recently stated that they rented in excess of 1.5 billion DVD's and video games to over 20,000 locations throughout the world.  Their rental booths are available in many well known stores and retail centers.   The company is also well known for renting video games at a low daily rate.

They are already well known in the provision of DVD content therefore, it has been stated that this is the logical next step for the company.