Entering the already busy arena of online streaming video services, Xbox 360 announced yesterday that it’s teaming up with Verizon to offer the company’s Redbox Instant Video exclusively on its gaming consoles. It’s always good to have options, and it seems companies are going to continue coming up with competitors for Netflix, Hulu and Amazon’s video services. And when companies compete, we win. Hurray!

Xbox gamers got a head up yesterday in the form of blog post from Xbox 360 Live’s “Major Nelson” Larry Hryb (via PCMag), announcing that Redbox Instant by Verizon will be coming soon. Anyone who’s already signed up for the beta version will receive an email with an access code to use the app on Xbox 360 soon. Others can request beta entry at RedboxInstant.com.

The service offers one free month, with packages priced at $8 per month for DVDs or $9 for Blu-ray afterward. Those prices get you unlimited streaming services as well as four one-night credits for movies from Redbox kiosks.

Anyone who pishtoshes the idea of a physical movie rental can also go subscription free by renting or buying digital releases a la carte through the app.

Only Xbox 360 will feature the app for gaming consoles, at least for now, as it’s the “exclusive gaming console launch partner” for the service, but users can also stream movies to their smartphone or tablet through the Redbox Instant iOS and Android apps. It appears that the only way to get the content on your TV would be through the Xbox 360 app, however.

Redbox Instant Coming to Xbox 360 (Gaming Console Exclusive) [Xbox Live]

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