According to a new report, Apple is planning to launch a new movie streaming service for iOS powered devise and is already holding discussions with some movie studies for providing content to the company.

Apple is reportedly talking to movie studies about storing their movies on the cloud and then allowing users to directly stream them on their devices for a fee. A report in LA Times said that the proposed service, which will allow users to purchase streaming movies via the iTunes Store, will be rolled out wither later in the year or in 2012.

F the reports are to be believed and Apple does comes out with such a service, it would put the company in direct competition with Amazon and its Kindle Fire tablet as well as service provider, Netflix. The service would also move Apple much deeper into cloud computing, which it also uses to allow users to store and stream music.

Amazon and Google have large plans in cloud computing including services and applications for corporations and this will only intensity competition in the sector.