Eurogamer.net

Lovefilm undercuts newcomer Netflix

Reigning UK champ £1 cheaper a month.

Lovefilm has undercut rival film streaming company Netflix.

Lovefilm's new introductory unlimited streaming price is £4.99. Dubbed Lovefilm Instant, this can be accessed on PS3, Xbox 360 and iPad.

Netflix launched on PS3 this weekend at a price of £5.99.

Wonderful - some competition at last.

The Lovefilm price wasn't reflected on the Lovefilm site at the time of writing. It was announced in a statement today.

Lovefilm also revealed it had reached 2 million monthly subscribers, thanks to record-breaking numbers of sign-ups during the Christmas period.

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