Amazon Movie Streaming In Europe Expands With LoveFilm Acquisition

We have been talking about this since September of last year. Popular etailer Amazon has finally confirmed these long-standing rumors with an announcement today that they are acquiring the remaining stakes in popular European online movie streaming, LoveFilm. The deal is expected to get all the required regulatory clearings by the end of this quarter.

LoveFilm has a good presence in both movie streaming as well movie rental market in UK, Germany, Sweden, Norway and Denmark. The company had also recently announced their foray into alternate movie streaming channels like PlayStation 3 and Blu-ray players. The acquisition will give Amazon a terrific boost in its aspirations to improve its presence in the lucrative European market.

The value of the deal has not been announced although it was learned to be in the range of £200 million last time. Amazon stocks in Frankfurt (Frankfurt: AMZ.F) have fallen 0.12% in the opening hours of trade.

LOVEFiLM UK Movie Streaming Service For PS3 Announced

Quite a few movie streaming services have been heading to gaming consoles in recent times thanks to the growing popularity of web streaming via these consoles. The latest in this list is LOVEFiLM, the popular DVD rentals plus streaming service operating out of London. According to reports on SlashGear,  the service may soon be launching on Sony PlayStation 3 to allow these users to stream movies directly from their console on to a television. This service will be integrated with all the other platforms that LOVEFiLM operates upon which means that subscribers will need to only pay the monthly subscription fee between £3.99 and £5.99 for access.

LOVEFiLM is a company that is owned partly by Amazon. Last month, there were speculations that Amazon was looking at a complete acquisition of the UK company in a bid to boost their presence in the UK and Europe market. We have not heard much about it since then.