Netflix will have a new competitor in streaming video by the holidays, reports Bloomberg. The new entry in the space comes from Redbox and Verizon Communications, who are preparing a joint challenge, the story reports.

Called Redbox Instant by Verizon, the service will first focus on newer movies that are also available for rental and sale, the story notes, citing Eric Bruno, Verizon’s vice president of strategy and planning for consumer and mass business markets.

Verizon and Redbox are focused on creating a service "that can stand on its own against Netflix, against Amazon,” Bruno said. The service hasn’t announced pricing yet.