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I don't even think Sony should create their own service. To be effective and not loose money on the venture, they would probably need a subscription service that reaches outside of just the interested PS3 userbase. That means they'd have to go all in. That is not likely for a company that already tried digital distribution on a wide scale with Sony Connect and failed at it.

Unless there is a contract between Microsoft and Netflix (which there could be, I don't know), Sony should offer Netflix. It's as simple as that. Netflix already offers the service and it works extremely well. Why reinvent the wheel?