Amazon on Wednesday announced that it has reached a licensing agreement with Paramount Pictures that will enable Prime Instant Video customers in the U.S. to stream hundreds of new hit movies over the next three years. The service, which is available for $79 a year and offers customers free two-day shipping, now features more than 17,000 movies and TV episodes. “We are continuing to invest in building a vast selection for Prime Instant Video and are excited to bring Prime customers some of the most renowned and popular films in cinema history under this new agreement with Paramount,” said Brad Beale, director of digital video content acquisition for Amazon. “This deal will bring Prime Instant Video customers hundreds of new movies to enjoy on their Kindle Fire or any device connected to Amazon Instant Video, including titles such as Star Trek, Breakfast at Tiffany’s, Top Gun, The Italian Job and The Truman Show, and we will remain committed to adding even more great movies and TV shows to Prime Instant Video in the future.” Amazon’s press release follows below.

Hundreds of Critically-Acclaimed and Blockbuster Films from Paramount Pictures Coming to Prime Instant Video

Fan favorites Mission: Impossible 3, Braveheart, Forrest Gump, Mean Girls, Nacho Libre, Clueless and many more soon to be available to Amazon Prime Members with unlimited streaming

SEATTLE–(BUSINESS WIRE)–May. 23, 2012– (NASDAQ:AMZN) – Amazon continues to invest in Prime Instant Video and add to the already-vast selection of movies and TV episodes available to customers as part of their Prime membership. Amazon.com, Inc. today announced a licensing agreement with Paramount Pictures that brings hundreds of new hit movies to Prime Instant Video in the U.S. over the next three years. Prime Instant Video now offers customers more than 17,000 movies and TV episodes to enjoy. To start watching Prime Instant Video immediately, visit http://www.amazon.com/piv. Customers who are not Prime members can enjoy a free one month trial of Prime.

“We are continuing to invest in building a vast selection for Prime Instant Video and are excited to bring Prime customers some of the most renowned and popular films in cinema history under this new agreement with Paramount,” said Brad Beale, director of digital video content acquisition for Amazon. “This deal will bring Prime Instant Video customers hundreds of new movies to enjoy on their Kindle Fire or any device connected to Amazon Instant Video, including titles such as Star Trek, Breakfast at Tiffany’s, Top Gun, The Italian Job and The Truman Show, and we will remain committed to adding even more great movies and TV shows to Prime Instant Video in the future.”

Prime customers can enjoy Prime Instant Video on Kindle Fire or any of the hundreds of compatible Amazon Instant Video devices, including PlayStation 3. For a list of compatible Amazon Instant Video devices visit here.