According to TechCrunch, RedBox and VerizonĀ are likely teaming up on a new streaming video service that is aiming to hit OTT boxes and game consoles as well as iOS and Android. This could be big news, or it could be too little too late.

Their main goal seems to compete with the likes of Hulu and Netflix. The thing they’re trying to do differently it seems is offer users more choice. If you don’t want yet another monthly subscription you can go a more a la carte route which is expected to give access to movies and TV in both rental and downloadable purchasing models as well as a subscription model. Local storage of the content looks to be an option only for small mobile (phones mostly) and tablets.

It’s going to be a credit-based system says TechCrunch with 6 credits being $5.95 or just over 99 cents each. These credits will be used for rentals of TV and films, however the exact number of credits per rental has not been released. The thing is, they’re going to have to compete with other highly-competitively-priced services that are already available because who would ever pay more for something when they could get it for less and get the same quality?

Since it’s RedBox they’re teaming up with it looks like the subscriptions will probably include physical disc rentals as well. The service isn’t looking to disrupt anything in regards to scheduled release of content, in fact they seem to have told Tech Crunch that they service, “is still in talks with content providers and will be following their lead on blackouts and release timing; this won’t be a quick-release channel for new movies or live TV.”

Here’s a look at what the service is expecting to offer by platform and payment format (from TechCrunch, as noted by the TC in the lower left corner):

The only major advantage I see over a service like Amazon, Apple, etc. is their inclusion of physical rentals. So long as they don’t price it anywhere near Netflix, they could not only retain their existing users (who pay $1.20 to rent discs from local vending machines) but could also scoop them into the streaming fold as well. Since RedBox is mostly movies (and games) they’ll have to work at getting together TV content for the launch which is set for May 28th with a beta period earlier in April. No word yet on the monthly subscription pricing.

The venture is to be 65 percent owned by Verizon and 35 percent by Redbox says the Chicago Tribune.