Apple to Launch iTunes Replay On Demand Streaming Service?

Apple is slowing moving in the video on demand service. Or so do the confirmed rumors say. The next version of iTunes will probably bring you that video on-demand service. The service will be called iTunes Replay and it will “allow users to stream their iTunes video purchases directly from the company’s servers for playback anywhere, anytime without eating up local storage.

Is Apple going to go ahead and compete against Netflix soon?