Freshly-armed with £200m Lovefilm ambitious Amazon takes aim at Netflix

Amazon, which at one time was an online bookshop, seems to be taking on the world, taking aim at US film streaming market leader Netflix shortly after buying UK film rental outfit Lovefilm for £200m.

Amazon is spreading its wings ambitiously, selling all sorts of gadgets and even moving into groceries. Its Kindle book reader was one of the big Christmas hits of 2010.

Here’s super-blogger Perez Hilton’s report.

It’s on!

Back in October, we learned that Redbox was planning on taking on Netflix, with their own disc-free rental service.

Now, it looks like Amazon has entered the digital rental service game as well.

If all goes according to plan, their new service will provide Amazon Prime members with “unlimited, commercial-free, instant streaming of 5,000 movies and TV shows.”

Hmm…well Amazon Prime costs $79/year, which ends up being cheaper than a Netflix subscription, BUT will the quality of the content live up to Netflix?

We’re thinking this is a cool perk for Amazon Prime members, but def not a Netflix-killer.

Team Netflix? Team Amazon? Team Redbox?

Amazon’s profit margins recently took a tumble as its attempt to do nearly everything at once stretched finances. But Amazon founder and CEO Jeff Bezos has obviously decided that you need to be a big beast to thrive in the online market these days.

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