In February this year, we said that Verizon and Redbox were teaming up to release a new video service that could rival Netflix. We also said that the yet to be announced service will be introduced sometime in the second half of this year. But it looks like the time is ripe for Verizon to unveil the said service. Finally it’s got a name – Redbox Instant.

And the service has just been launched in internal alpha testing today, with the goal of launching a beta program in the coming months, as well as a full “up and ready” service going live later this year. Redbox Instant will be a subscription-based service, albeit Verizon declined to divulge any information regarding its subscription rates. Details about its content are yet to be announced as well.

“The joint venture will combine the accessibility and value of Redbox with Verizon’s vision for a borderless lifestyle, where consumers easily accomplish what they want or need to do, on their terms, through the power of the network,” said Bob Mudge, president of Verizon consumer and mass business markets. “Together, we are erasing old technology boundaries, freeing people to spontaneously enjoy the entertainment they want, whenever they choose, using the devices and media they prefer, at home or away.”

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