Why can't we rent a video through the internet instead of being forced to purchase it?

We're all seeing the huge growth of online media providers like, ITunes and others, that allow us to download, sometimes for free, but most times at a cost music, podcasts, ebooks and video.

Also we've seen the huge growth of Netflix, the service that allows us to rent dvds via the postal system with no late fees.

Why hasn't any of these providers come up with an online movie rental program?

Consider the possibility of renting a movie online. You download it for a small rental fee, at the fraction of the cost of actually purchasing it. You are allowed to watch the movie for 24 hours until your electronic licensing agreement expires and you no longer can watch it.

On-Demand video rental, no shipping, no late fees, no scratched disks and lastly unlimited number of titles available all with no waiting (other than download time).

Thoughts?

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