Microsoft has reached an agreement with Redbox to become the exclusive console launch partner for Redbox Instant, the upcoming Netflix competitor. Verizon will be in charge of the video on-demand streaming service while Redbox will provide members with a monthly allotment of DVD rentals at your local kiosk.

The streaming service, which is already in beta, will be available across a wide variety of platforms but it's the Xbox 360 that's making news today. We are told that Redbox Instant plans will start at $8 but of course, you'll also need an Xbox Live Gold subscription to get in on the action. The entry price includes unlimited streaming as well as four physical DVD rentals each month.

In addition to the streaming services through the Xbox, Microsoft said they would allow users to buy or rent films just like one would through iTunes. We are hearing that this feature will be available to all Xbox Live users regardless if they have a subscription to Redbox Instant or not.

There are still plenty of other avenues to access Redbox Instant if you don't have a 360. Android and iOS apps will be available for tablet usage while a separate app will work with smart televisions from LG, Samsung and Vizio. A spokesperson also told The Verge that the service will be compatible with Google TV.

Also, keep in mind that the 360 is just the launch partner - we fully expect other consoles to get in on the action at some point down the road once the exclusivity ends.