By msnbc.com news services
Netflix is launching its first original series to grow its streaming business and shift its focus away from DVD rentals.
Netflix calls ?Lilyhammer? a gripping fish-out-of-water story set in Norway and starring ?The Sopranos? mainstay and E Street Band guitarist Steven Van Zandt. The new original series is available to watch on Netflix as of Monday.
The move comes as Verizon Communications and Coinstar reveal a joint venture to challenge Netflix with a streaming video service that will combine the Redbox DVD rental kiosk business with an Internet video offering from Verizon.
The venture's success in competing with Netflix and other online rivals like Amazon.com and Hulu Plus will depend hugely on the price of the service and the depth of content it has available, according to analysts.
Verizon and Coinstar will likely have to invest heavily to convince Hollywood studios to participate if they are to offer a comparable service to Netflix, Daniel Ernst, an analyst at Hudson Square Research said.
"The question is, how much are they investing to get a large library of programming? Netflix is spending up to $1 billion a year on content," said Ernst. "For me, it's doubtful that these two companies will invest to that level."
Reuters contributed to this report.
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