Netflix instant streaming hits iPhones

Netflix is set to releas an app for the iPhone and iPod touch on Thursday. The app is available for free via Apple's App Store. Members who who pay the minimal $8.99 a month membership will have full access to Netflix's online streaming library that includes movies, TV shows and documentaries.

"Apple has changed the game for mobile devices," Netflix co-founder and CEO Reed Hastings said in a statement. "We're excited that our members can now carry Netflix around in their pockets and instantly watch movies and TV shows streamed from Netflix right to their iPhone or iPod touch."

iPhone users will have the option to stream over 3G or Wifi, while iPod users will only have the Wifi option.

This comes one week before Netflix's  "Watch Instantly" streaming service is set to expand with a new deal that includes newer movies from Lionsgate, Paramount, and MGM.