With Netflix and Amazon dominating the streaming market for TV shows and movies it was finally time for a new competitor. Redbox, your friendly neighborhood DVD kiosk operator, has decided to jump into the mix. Redbox has announced that later this month they will offer an unlimited streaming video package along with four nights of physical DVD rentals from kiosks. This package will go for $8/month or a dollar more if customers want to upgrade to Blu-ray discs.

Redbox appears to be targeting Netflix pricing, which starts at a similarly priced $7.99 for streaming but gets progressively more expensive when adding physical discs for another $7.99/month and an additional $2 for Blu-ray discs.

The new service, called Redbox Instant is a joint venture with Verizon and Redbox’s parent company Coinstar. It’s focus at launch will be movie watchers as the service will not include TV shows. Redbox Instant also plans to offer video game rentals for $2/night.

While the movie selection won’t meet the streaming selection of Netflix 50,000+ titles, Redbox is hoping that budget conscious users along with the selection of new movies will attract users away from Netflix or Amazon. Redbox already has deals with Warner Bros. and Epix, which includes recent films such as Hunger Games, Avengers and Paranormal Activity 3.

No news on how to get a free trial access code, but you can go to www.redboxinstant.com and add your email for more information.

Redbox Press Release