A day after Microsoft announced the availability of Netflix and NBC/Universal content download service for it’s XBox 360 live, the rival Sony announced the availability of similar service for it’s popular game consoles Play Station 3 and PSP.

Sony said at least seven studios including Sony Pictures, Fox, MGM, Lions Gate, Warner Brothers, Disney has signed on to provide their content including movies and TV shows in Standard definition and HD format. Movies will rent for $2.99 to $5.99 and TV shows for $1.99 an episode. For now, the service only has 300 full length movies and 1,200 TV episodes, the company said.

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