Apple Preparing "iTunes Replay"

Apple may be preparing a service called iTunes Replay. The service will apparently allow users to stream or re-download movies they have already purchased. It would be perfect for the Apple TV. Apple is also rumored to be preparing a subscription based streaming service that could compete with Netflix. This could be unveiled this fall, along-side the iCloud updates. With the uproar over the Netflix price increase, another competitor to Netflix would be incredibly welcome.
via CultOfMac