Popular site/blog TechCrunch is reporting now that mSpot, who sells ringtones, music, and video for mobile phones is now offering streaming movies you can rent that you can watch on your iPhone (and other smartphones).

mSpot offers 350 movies for streaming, and access can be per movie, or a subscription per month. It’s a model that has really been launched on the platform yet, and it’ll be interesting to see how well it does.

Rentals are $4.99 each, and periods range from 24-48 hours for the most part. You can view trailers, buy “credits” to watch movies with ($9.99 for 20 credits for example, which will allow you to watch 4 movies), or $15.99 for 40 credits, which will permit 8 movie rentals.

mSpot has a 15 free extra credit bonus for new members right now to encourage users to try the service, and they expire at the end of the month if not used.