BitTorrent has announced that they will compete with the BitTorrent by rolling out a licensed entertainment network as well as an enhanced protocol so as to compete with the millions of copyrighted files being traded around the Internet.

BitTorrent, founded in mid-2004 by Bram Cohen and Ashwin Navin, aims to offer close to 3,000 movies and television titles as well as 1,000 games, and 1,000 music titles which include albums, videos and music collections.

The company said that movie rentals will cost $3.99 for new releases, or $2.99 for older titles; music videos and TV shows will cost $1.99 to rent, or $2.99 for high-definition versions. However, video content will be available only for rent and cannot be bought. The company says that this is because of prohibitive licensing costs incurred by them. The company will also offer users the chance to self-publish their own content.

Despite its low prices, I doubt whether this will actually make an impact on the world. People prefer to own pirated copies, than to rent an original copy.