Life just got better for all YouTube loyalists. After a dull week, rife with updates on how to transfer videos from a slowly dying Google Videos onto an over-worked YouTube, the worst seems to be over.

Pay and Watch!

Pay and Watch!

YouTube has now officially entered the online movie rental space. The service that is all set to launch this week will charge users for streaming mainstream Hollywood movies. YouTube is poised to give the popular iTunes service a stiff competition. iTunes currently is the most popular paid video streaming service, and now with YouTube entering the space with a host of big names backing it; the competitor seems to have toughened overnight.

YouTube, to say, was in plans of launching its own video streaming service since long. But, it was in the process of getting in the biggest names in the market under its hood. YouTube has so far managed to get in studios like Sony Pictures Entertainment, Warner Brothers and Universal, as also independent studios like Lionsgate and Kino Lorber. However, Paramount Pictures, Fox and Disney have not given in their consent to licensing their movies, as yet.

Hollywood, however,  is now optimistic about YouTube’s this move, since its being seen as an excellent revenue generating mode. All the more crucial, since the revenues coming in from the home entertainment sector has been on a steady decline.

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