Movie studios including 20th Century Fox, The Walt Disney Studios, Paramount Pictures, Warner Bros. Entertainment, Metro-Goldwyn-Mayer Studios Inc. (MGM), Sony Pictures Television International and Lionsgate have signed up to allow iTunes to sell and rent their movies.

There are over 700 films to rent and buy and new release titles will be available on the same day as their DVD counterparts.

iTunes rentals will work by giving you 30 days to start to watch the movie. As soon as you have started to watch it you have 48 hours to finish it. In that 48 hours you can watch it as many times as you like. Seconds after you start downloading the movie you will be able to begin watching it, so long as you internet connection is fast enough to handle the pressure.

For those of you worried about quality, especially if you are purchasing a movie, over 100 titles are available in high definition.

iTunes movies in Australia start at recommended retail price of A$9.99 for catalog title purchases, $17.99 for recent releases and $24.99 for new releases. iTunes Movie Rentals are $3.99 for library title rentals and $5.99 for new releases. High definition versions are priced at just one dollar more.

Now you have a reason to buy an Apple TV!