There are a couple services offered by Google for viewing professionally produced content and renting.
Google Play Movies
My Description: Anyone with an Android device is familiar with the Google Play Store, Google Play Movies is a part of the Google Play Store. With Google Play Movies you have thirty (30) days to start your rental, and once you start watching you have twenty-four (24) hours to complete it.. Movies can be watched on your phone (including iPhone), tablet, or in a web browser on your desktop. The latest Google TV update allows you to rent and watch the videos from Google Play Movies on your TV, super easy!
Price: $0.99 – $3.99
Their Description: With Google Play, watch HD movies, including new releases, award-winning films, and your favorite classics on any Android device or on the Web. Stream movies or download them for offline viewing at any time.
Find the movies you love
Choose from an incredible selection of thousands of movies on Google Play including HD titles, new releases, award-winning films or your favorite classics. Whether you’re in the mood for comedy, drama, animation, action or a documentary, there’s a movie that’s right for you.
Watch it now or later
Rent movies and watch them instantly. Alternatively, download your movie for offline viewing and view it later using the Google Play Movies app or watch it directly on the web.
Watch it anywhere
Watch Google Play movies anywhere — your couch, your friends’ house or in-flight. When you rent a movie with Google Play you can watch it on your phone, tablet or any web connected PC.
My Description: Everyone knows about YouTube. Hours upon hours of content is uploaded every day. But wait, it is about more than just footage captured by a guy using his phone to get a video of his dog on a skateboard. Several companies (such as Disney), groups, and individuals produce professional content or allow their media to be distributed through YouTube, media that is more than just clips from their network shows and movie trailers. The content is broken into two parts, Movies and Shows. Some stuff is free, some stuff isn’t; some stuff has ads, some stuff doesn’t. The latest update to Google TV has also expanded the YouTube for Google TV app to allow for rentals, same rules as Google Play Movies. If you are interested in creating such content as this for YouTube then check out the YouTube Creator Hub.
Price: $0.00 – $19.99
Their Description: Rent full-length feature films straight from YouTube. Click “Rent” to begin. Make sure your YouTube account is upgraded to include your billing information; once you purchase the movie, you can view it on your computer while connected to the internet.