Though details are still scarce, very red companies Verizon and Redbox have officially announced a new joint venture that will compete with Netflix. The two companies are working on a service that will give users the option to stream movies online, in addition to renting them from one of Redbox's physical kiosks.

No release date— or name, for that matter— has been announced yet, but the new service is pegged for "the second half of 2012." It will offer a subscription model for streaming, and will apparently include a download option as well. A press release indicates that the service will be compatible with a wide variety of devices, claiming it will "allow all consumers across the U.S. to enjoy the new and popular entertainment they want, whenever they choose, using the media and devices they prefer."

In addition to established players Netflix and Hulu, the increasingly crowded digital streaming space recently welcomed a similar venture between Dish Network and Blockbuster (now a Dish subsidiary). More on the new Verizon/Redbox entity as details emerge.

[via AllThingsD]