Redbox and Verizon are finally ready to launch their long-awaited joint venture dubbed Redbox Instant. The service will move into an invitation-only beta launch later this month with the official push coming sometime next year. Redbox Instant will have a lot of ground to make up if they plan on competing with existing services such as Netflix.

For those of you who are unfamiliar with Redbox Instant, the service will offer streaming video, movies on DVD and the ability for its subscribers to purchase movies online similar to how Amazon and iTunes does things. For a small fee of $8 a month you get a selection of streaming movies as well as 4 movie rentals from a Redbox kiosk each month. This subscription also gets you access to the online store where you can purchase or rent newer movies. Redbox Instant will also offer a streaming only package for $6 a month and Blu-ray service is $9 a month.