Redbox to Offer Instant Video Streaming Service

(CNN) — Redbox Instant, a long-in-the-works video streaming service, is finally launching.

It is a joint venture between Verizon and Coinstar, which is Redbox's parent company.

The service will begin a public beta test later in the month, and after one free month, Redbox Instant will cost eight dollars per month.

That is the same price as chief rival Netflix.

For a dollar more, Redbox Instant customers will get credits for four D-V-D rentals at Redbox kiosks. Those typically cost just over dollar each.

The program has been nearly two years in the making.