For all you PlayStation 3 owners out there in the wild, you will be happy to know that Amazon Prime Instant Video streaming service is now available for your console. Amazon and Sony teamed up to bring the Amazon Instant Video service application to PlayStation 3 devices, a move that could hurt the likes of Netflix, which is the most popular video service app on the PS3.

Amazon has a collection of over 120,000 TV shows and movies under its belt, making the Instant Video service a content-rich experience. Users will be required to have an Amazon Prime membership account, this will set you back $79 per year to watch unlimited TV shows and movies in the Amazon collection. This is a boon for Sony, one that the company should use to its advantage against its competitors.

Apart from the Amazon Instant Video service, Netflix is also part of the PlayStation family, though not as popular as it once was. Netflix is a great service with a lot of content, but with top studios pulling away from the service, a lot of movies users would like to watch are no longer present. Sony sold over 21 million PlayStation 3 consoles in the US, this is the kind of market Netflix does not want to lose, but it might find it difficult trying to fight back with its lack luster catalog.

We expect Amazon Instant Video service to replace Netflix as the top video streaming service on the PS3. To make matters worse, Netflix is more expensive that Amazon Instant Video service, if you renew your subscription every month for a whole year. Netflix charges $7.99 per month which ultimately adds up to $95.88 per year when compared to the $79 price tag of Amazon's own video service.

If Sony should ever get HBO on board with an application of its own for PlayStation 3, it would be the end of Netflix on Sony's console. HBO is well known for TV shows such as True Blood, Game of Thrones, and Dexter. HBO is also slowly moving away from Netflix, and soon, there won't be a single HBO TV show streaming on the platform.

(reported by Vamien MacKalin, edited by Dave Clark)