BitTorrent, a name commonly known synonymously with video piracy, today has relaunched their service to provide legal downloads of feature length movies with the support of major studios.

BitTorrent plans on offering “the most comprehensive library of downloadable digital entertainment ever amassed on the Web,” according to a statement by the company. Agreements that BitTorrent has made with 20th Century Fox, Viacom, Paramount Pictures, Warner Bros. and Metro-Goldwyn-Mayer makes it seems as if this statement may just be accurate. The digital entertainment company plans to start out with over 5,000 “downloadable” media items, including movies, TV shows, PC games and music.

Aside from offering digital entertainment downloads from the studios, they will also offer a video sharing service to allow customers to share their home made video for free, similar to YouTube. “The BitTorrent Entertainment Network is created by and for the BitTorrent Generation, which has a vast appetite for high-quality, on-demand entertainment,” said Ashwin Navin, president and co-founder of BitTorrent. “BitTorrent.com engages our community to contribute in profound ways — whether it’s by evangelizing their favourite titles; by submitting content they’ve created; or by contributing their bandwidth to enable faster downloads and an improved entertainment experience.”

Movie rentals are available from BitTorrent for $3.99 and $2.99, with TV shows and music videos that are available as download to own at $1.99 each with an additional “wide variety of entertainment content…for free and without digital rights management”, according to the company. The company is hoping the reasonable prices combined with video sharing and free content will help wean existing BitTorrent fans into paying for the media content.