Walmart has announced a new disc-to-digital service that will allow customers to access digital versions of DVDs and Blu-ray discs they own via a collaboration with streaming service VUDU. The movies will be available to stream anytime via Internet-connected devices such as laptops, tablets and smartphones.

Walmart is partnering with several Hollywood studios on the project including Paramount Home Media Distribution, Sony Pictures Home Entertainment, Twentieth Century Fox Home Entertainment, Universal Studios Home Entertainment and Warner Bros. Home Entertainment.

Starting April 16, 2012, customers will be able to bring their DVDs and Blu-ray discs to the photo center at one of over 3,500 Walmart stores across the country as proof of ownership. A Walmart associate will then authorize the digital copies in the customer’s VUDU account within a matter of minutes.

Customers will be charged $2 for an equal conversion to the cloud while standard DVDs can be upgraded to high definition formats for $5. Users will need to set up a VUDU account before bringing their flicks in for verification and the company also recommends checking the online catalog for approved movies in advance.

Walmart is the first retailer to announce support for the UltraViolet cloud video platform. The company is hoping customers will see it as an opportunity to give their home video collection a second life. Others, however, will certainly point out that you are essentially paying a second time for a film you already own.

How do you feel about this new service? Is it something you would utilize for a small fee?