It seems Verizon is planning a joint venture with Redbox to offer movie streaming and TV shows through Android, Google TV, Xbox, and iOS. It’s assumed the service will be much like that of Netflix, but with a slight twist on how users will purchase content. If you’ve ever traveled to your local gas station and picked up a Redbox rental, then you would know they only charge a dollar per rental. The catch is, if you don’t return the item before the same time the following day – you’re slapped with a late fee.

The way this new service may work, termed “Project Zoetrope” for now, is you’ll pay for credits prior to purchase, and then use those credits to attain your desired content. My guess is, you’ll spend a credit on a streamable rental, and then have access to it for the next 24 hours. Below is a device compatibility chart that seems to confirm platforms and services offered. The most interesting feature, that Netflix doesn’t offer, is Live TV. It doesn’t seem like this project will launch with it, but definitely suggests it as a future possiblity.

It’s still too early to tell when we may see the actual app, or even if it will be exclusive to Verizon Wireless customers. Hopefully not, because limiting such a service will drastically minimize subscribers. I also don’t see the app as a feature worth jumping carriers for, especially when Netflix streams HD video to my devices already.

[via Phandroid]