Amazon begins to challenge Netflix as the former now also offers free, instant movie and TV streaming service.

Amazon's "Instant Video," which used to cost US$2.99 for a typical 48-hour rental, is now free of charge for selected titles. The offer is valid for those who pay for Amazon Prime service, which costs an annual fee of just $79.

The company also announced it is releasing over 5,000 movie and TV show titles for free streaming. This includes the Swedish-language The Girl with the Dragon Tattoo trilogy, classic films such as "Chariots of Fire," and TV series like "Fawlty Towers."

The free titles, however, are a mere fraction of over 90,000 movies and TV shows included in Amazon Instant Video catalog. Also, many in-demand titles, such as Best Picture Oscar nominee The Social Network, are not included in the free Amazon Prime offer. That movie would cost users $3.99 for a 24-hour rental or $14.99 to buy permanent viewing rights.

Source: CNN Money