YouTube has finally admitted says in a report from The Wrap, that it initiated a movie-rental service with 3000 movie titles now available for public view online and on mobile devices - - no longer free, but for a fee.

The admission came after weeks of denying the movie rental services online despite a confirmation from Google that YouTube is indeed renting films and it has been for almost a year now.

YouTube chief, Salar Kamangar has now validated earlier reports on the movie rental rumors through a letter posted on the site. Titled, “Welcome to the Future”, the letter by Kamangar cast the movie rentals as a ‘new service’.

"Six years ago, there were also two types of video: video you watched on your TV, and video you watched on your laptop," Kamangar wrote in the letter posted Monday, according to The Wrap.

The YouTube chief added: "Today there’s increasingly just video, and it’s available everywhere: on a phone, a tablet, a laptop or a television screen, in your office, on your couch, in a cab."

The report noted that YouTube is now available in 350 devices and is expected to narrow the gap between the number of hours typical users spend on YouTube and watching TV.

With the new services, it is expected that more users will spend more hours using YouTube by watching movies online as opposed to spending ‘fifteen minutes against 5 hours spent watching TV.

And the ‘new service’ as Kamangar called it does not come out for free. Anyone can enjoy it for a fee.

New films cost about $3.99 to rent while older releases are rented out a dollar less at $2.99. The movie-rental service has already made 3,000 films available online including movies such as, "Super Size Me," "The Squid and the Whale," "Ghostbusters," "The Patriot" and "Bob Le Flambeur."

The Wrap, which first reported the story on YouTube movie-rentals in mid-April also said that the site is also offering recent films like "Inception," "The King's Speech" and "Little Fockers" as it offers classic ones like "Caddyshack," "Goodfellas" and "Scarface".

Click here to read more about YouTube’s latest movie-rental services.

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