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Internet retailer Amazon is planning to launch a new streaming video service.

Amazon chief executive Jeff Bezos has been speaking at the All Things Digital conference in San Diego and said that the company had been looking at putting a new service to market in the "next few weeks", according to Forbes.

He added that Amazon wants to offer a "sensible alternative" to the current market leader iTunes when it comes to digital downloads from its online store.

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Buy "National Treasure” and “National Treasure 2 – Book of Secrets" on Blu-ray, now available for pre-order ($39.99). Title will be released on 5/20.

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Amazon is launching two applications for Facebook, which could transform the relationship between online retailing and social networking media.

Amazon Giver and Amazon Grapevine will link Amazon's "wish lists" and product reviews functionalities into Facebook profiles, so that friends can view and be alerted to one another's activities.

With the format war over Amazon.com has cut the prices of films on Blu-ray and HD DVD.