'Net rentals 2.0

Xbox 360 owners can now play movies on-demand through their consoles — part of a long-anticipated deal between Microsoft and Netflix, MediaBuyerPlanner reports.

Netflix’s Watch Instantly streaming-movie service enables TVs connected to the Xbox 360 console to play movies without additional software or hardware, according to Adweek. Netflix also formed deals with LG Electronics and Roku to make Watch Instantly a delivery vehicle.

The deal gives Netflix access to more than 12 million Xbox Live subscribers, and potentially improves Microsoft’s efforts to make the Xbox 360 a hub for digital entertainment. Xbox owners now have more than 10,000 movies and TV shows available for download through its Xbox Live Marketplace.

Last May, Netflix debuted a set-top box that enables subscribers to stream movies and TV shows from the web. The $99.99 Netflix Player connects to a TV and streams video content from a PC via Ethernet or Wi-Fi.