Netflix just unveiled plans to offer a box built by LG Electronics that will allow viewers to get movies on-demand over a high speed internet connection. That's good for consumers, although it doesn't really offer them anything new. We already have immediate access to movies with cable video on-demand.

But it looks like Netflix could offer something other providers currently don't: A much larger video library. Currently, on-demand movie-watchers are constrained by the limited offerings of the cable companies, which are often only newer titles. Older titles might be available on a regular cable channel, but it's hit or miss whether your desired title will be available when you want to watch it.

Netflix currently has a limited number of titles available over the internet, but I hope that the company changes this dramatically before the LG box comes out. For Netflix customers, at least, this will be an enhancement of the service, even if it doesn't bring anything new to the industry.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

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