Sony and LoveFilm have officially confirmed that the film rental service is coming to the PlayStation Network, exclusively for UK PS3 users, and will be free for subscribers of £5.99 packages or higher.

We first reported this story yesterday, after an advert for the PS3′s LoveFilm application was accidentally uploaded to YouTube and then hastily removed, so it’s good to know that it wasn’t just a figment of our imaginations.

The application itself looks very slick and easy to use, and is accessible straight from the XMB. When it launches later this year, it will allow users to both stream films on the PS3 or order them as normal to be sent in the post. Be sure to watch the video above for more details.

But what do you think of the announcement now it’s official? Will you be using it?