The Redbox may soon switch to Blockbuster's frenemy list if the latest trend in movies catches on.
Mobile Movies, a service offered by the Palo Alto, Calif.-based company, allows you to watch your favorite 80s cult classic to the latest Hollywood hit on your favorite smartphone. Movie rentals cost only $4.99 to rent or if you join the mobile Movie Club, you can stream up to four movies at the same time for $9.99.
Redbox has partnered with Disney, Universal and Paramount Pictures to bring their movies to 30 different smartphones.
The service has some drawbacks. Rented movies cannot be downloaded to the phone and users must be connected to their wireless service provider the entire time they are streaming -- so no watching movies on an airplane. Only iPhone users are able to watch movies via Wi-Fi.