If Sony wants to capture more consumers to become interested in their PlayStation3 and in the PSP consoles, do you think launching a new video delivery service will do that? Sony announced last Tuesday that they are launching a new video delivery service that will enable PS3 owners to download movies and TV shows right on their device. PS3 owners can rent or buy movies and TV shows through PlayStation Network. Once downloaded, the content can be transferred to the handheld PSP. Customers can use the same login name they have for the PlayStation Network and once inside they can easily search for the content they want.

Users can download from among 300 full-length movies and 1,200 TV episodes from the PlayStation Network. They can also choose from Standard Definition or High Definition format. These numerous contents are made possible through the participation of various movie studios like Lionsgate Entertainment, 20th Century Fox, Paramount Pictures, MGM Studios, Walt Disney, Warner Bros. and Sony Pictures Entertainment.

The rates for renting and buying movies and TV shows vary. Movie rentals range from $2.99 to $5.99. If you decide to purchase the movie it’ll cost you $9.99 to $14.99. TV shows can be bought for $1.99 up.