Dipping its toes into the waters inhabited by Netflix and Amazon, Verizon is planning to launch its own streaming video system. The company’s aggressive plans call for its service to potentially reach 85 million households.

Reuters reports Verizon will roll out its streaming service sometime next year. The company is still hammering out arrangements with entertainment studios, meaning the all-important details of what programming Verizon will be able to provide are hanging in the balance. Just as important will be Verizon’s ability to get the service onto TV screens via dedicated applications on game consoles, TVs and Blu-ray players.

Ideally, more competition will resort in better prices and fewer instances of companies suffering crazy identity crises, trusting that their customers will stick with them no matter what.

UPDATE: Verizon’s deal will reportedly be a joint venture with Redbox.

Exclusive: Verizon to take on Netflix with Web service [Reuters via Engadget]

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