Our neighbors across the Atlantic Ocean are all smiles today, as the iTunes movie rental service launches. The major studios, 20th Century Fox, The Walt Disney Studios, Paramount Pictures, Warner Bros. Entertainment, Metro-Goldwyn-Mayer Studios Inc. (MGM), Sony Pictures Television International and Lionsgate UK will all have movies available to rent.

Apple is estimating that around 700 movies will be available to rent from the outset. Eddy Cue, VP of iTunes had this to say about the service, “We think customers in the UK are going to love being able to enjoy their favorite movies on their iPod, iPhone or on a widescreen TV with Apple TV”

Here is a list of different prices for the rentals: iTunes movies are available at £6.99 for library title purchases and £10.99 for new releases. iTunes Movie Rentals are £2.49 for library title rentals and £3.49 for new releases.

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