There is good news for the users of Play Station 3. They will no longer require DVDs to access Netflix's streaming video service.

Reed Hastings, the CEO of Netflix, declared that they are introducing a new version of Sony PS3 user interface in which no disc will be necessitated, as the same will be updated regularly with the latest Netflix UI improvements.

No particular date has been fixed for the launch of the new version. But it has been declared by Hastings that it will come after the Company announces its earnings in October.

Presently, Microsoft's Xbox 360 is the only home console available that allows subscribers to stream Netflix content without inserting a disc.

The move has been made by Hastings in order to compete with its rival Hulu. The latter has recently launched its Hulu Plus subscription streaming service on the PS3.

Hastings is of the view that from the subscribers of Hulu Plus, they would come to know that what consumers prefer and thus they could plan accordingly. But it is not the only cause of worry. Hulu Plus and Netflix are both threatened by the business environment, which includes multichannel video programming distributors, set top boxes that offer broadband video playback, direct broadcast satellite companies and many such related products.