Sony made a number of announcements at E3 this week. Along with a new 80GB PlayStation 3 priced at $399, the company unveiled its new video delivery service. The service will offer standard and high definition videos from studios like Disney, Fox, Paramount and Warner Bros. Once downloaded, the videos can also be transferred from the PS3 to the PSP.
Sony Computer Entertainment America (SCEA) today launches the company’s new video delivery service on PLAYSTATION®Store for PLAYSTATION®3 (PS3™) and PSP® (PlayStation®Portable) systems in the United States. Consumers will have the ability to download full-length movies, television shows, and original programming accessible through the PLAYSTATION Store on PLAYSTATION®Network. With nearly 300 full length movies and more than 1,200 TV episodes, many available in both standard-definition (SD) and high-definition (HD), PLAYSTATION Network’s video delivery service makes PS3 the ultimate entertainment platform and enhances PSP’s status as a portable entertainment marvel. PLAYSTATION Network’s video delivery service will become available later this evening.

Sony Computer Entertainment Inc. (SCEI) will initially make available to consumers content for video rental and electronic sell-through from top movie studios including: 20th Century Fox, Lionsgate Entertainment, MGM Studios, Paramount Pictures, Sony Pictures Entertainment, Warner Bros. Entertainment as well as titles for rent from The Walt Disney Studios and a wide-ranging menu of popular titles from a variety of television partners.
Consumers who rent a movie from the PLAYSTATION Network’s video delivery service have 14 days to watch the content. Once playback has begun, they have a full 24 hours to watch their rental. Pricing for rental movies ranges from $2.99 to $5.99, and pricing for purchased movies ranges from $9.99 to $14.99. If you'd like to read more, Sony's entire announcement can be found here.