Sony has unveiled a movie download service for its Playstation Network, allowing users to rent and purchase standard and HD movies and TV shows for the PlayStation 3.

In addition to Sony's own movie and television holdings, the service will include films from Fox, MGM, Lionsgate, Universal and Warner Bros.

The movies and TV shows will be available in standard and high-definition formats. The company estimated that the launch will include 300 films and 1,200 television programmes.

Jack Tretton, president and chief executive at Sony Computer Entertainment of America, credited Sony's large reach in the entertainment industry with helping to bolster the service.

"The collaboration of Sony's film, TV and entertainment business units, coupled with our hardware and content offerings, provide consumers with entertainment experiences unlike any on the market," he proclaimed.

The rental service will use a format similar to that of the iTunes movie service. Users will have 14 days to begin watching a rented title. After playback has begun, users will have 24 hours to watch the entire film.

The company said that rentals will cost anywhere from $2.99 to $5.99, while movie purchases will range from $9.99 to $14.99.

While the content will only be downloadable through the PS3's Sony Network service, purchases can also be transferred and viewed on a PSP system through a USB cable connection.