Hey Netflix, Amazon Instant Video’s new iPad app is eating your lunch

Originally posted on VentureBeat:

Amazon Instant Video iPad App

Online retail giant Amazon released an iPad app today that provides streaming access to its library of Prime Instant Video movies and TV shows.

The Prime Instant Video is a complimentary video service offered to members of Amazon Prime, the $79 per year service that provides free two-day shipping to tons of products sold by Amazon. The new Instant Video iPad App represents one of the first big steps by the company to directly compete with streaming video service leader Netflix, which currently has 24 million domestic subscribers.

Netflix has long predicted that Amazon would break the Prime Instant Video service off into a separate service, along with its own monthly subscription fee. Amazon, however, is taking a different route that should make Netflix investors nervous, since the service could eventually steal away Netflix subscribers.

The new Instant Video app basically functions like Netflix’s iPad app in the…

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