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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