If the idea of watching your favorite movie on a mobile phone titillates you, mSpot’s new streaming movie rental service is right up your alley. The Palo Alto-based mobile entertainment company will begin providing streaming rentals of a particular flick a few weeks after its DVD release. The service can be accessed from 30 different phone models, including the iPhone, Palm Pre, Blackberry Tour and Storm. mSpot plans to charge $5 for every movie rental.

Each title will remain available for viewing for anywhere between 24 hours and 5 days after it is rented. Film buffs can also opt for one of the monthly subscription plans. “With so many people watching TV episodes and movies on their iPhones, mobile phones are now viewed as an entertainment device,” said Daren Tsui, mSpot’s CEO. Its film catalogue currently features 350 titles from Paramount Studios, Universal Pictures and the Weinstein Company.

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