Netflix Unveils Streaming Video Device; Lehman Upgrades

Netflix (NFLX) today unveiled a new set-top box to be produced by privately held Roku Inc. that will allow subscribers to stream an unlimited number of movies and television shows directly to televisions. The device costs $99. The video content is free to anyone with a Netflix subscription of $8.99 a month or more. Most of the video content will consist of older material, rather than new releases.

The obvious comparison here is with Apple’s (AAPL) Apple TV box, which costs more, requires paying for movies downloaded from iTunes, but also offers more functionality, like the ability to stream personal music and photo content to your television. Older movies for free? Newer movies for a fee? It’s an interesting choice.

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