msnbc.com news services
updated 7/15/2008 5:57:26 PM ET 2008-07-15T21:57:26

Sony is raising the curtain on a PlayStation 3 movie download service.

The company announced at the E3 Business and Media Summit it will launch a downloadable movie service Tuesday featuring films from such studios as Disney, Fox and Warner Bros.

The standard and high definition videos can be downloaded to the console and transferred to a PlayStation Portable. Rentals will cost $2.99 to $5.99. Purchases will cost $9.99 to $14.99.

Sony also announced it will sell an 80-gigabyte PS3 model for $399 beginning in September. Among the new games revealed were "God of War III" and "Massive Action Game," which will allow up to 256 players to battle online.

Sony said on Tuesday that it was "well on its way" to meeting its goal of selling 10 million PlayStation 3 units worldwide in its current fiscal year ending March.

Sony Computer Entertainment America President Jack Tretton said it was also on target to meet its goal of selling 15 million units of its handheld PSP in Sony's business year ending March 31, 2009.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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