Movie Rental Website ?????

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Ok so netflix is the biggest dvd rental web site right.. so has there been anyone to compete with that? I ve been thinking, i have a lot of movies and want to see about starting a website where people can view movies streaming online only (even on an iphone, i have them already formatted). Like a local mom and pop rental store but online. Only thing is i have no idea what the rules and laws are for doing that. It would not be peer to peer share/downloading site but like a rental store.(like redbox $1 a view or a month to month thing). Anyone know anything about starting an online movie rental site?