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LG Electronics has announced it will start selling a new Blu-ray DVD player that will allow Netflix customers to watch movies and TV shows streamed directly from the Internet to their TV sets.

This fall, the LG BD300 Network Blu-ray Disc Player will allow Netflix subscribers stream more than 12,000 movies and TV shows to their TV for no additional charge.

The new player will go on sale in the U.S. in September for under $500.

"As Blu-ray player sales are expected to triple in three years, consumers are craving content and seeking a premium home entertainment experience," said LG Electronics USA President Teddy Hwang.

LG and Netflix announced plans for a set-top box in January to stream movies and TV episodes from the Internet to the TV.

Netflix customers will be able to stream content in standard definition and not the high definition of Blu-ray. Netflix offers Blu-ray DVDs via its mail service and said last week it will test price increases for the high definition discs.

Netflix has struck a deal with Microsoft to allow Netflix member's watch streamed content on Xbox 360 consoles and another set-top box deal with Roku and it plans to announce another partnership before the end of the year.

"LG Electronics was the first of our technology partners to publicly embrace our strategy for getting the Internet to the TV, and is the first to introduce a Blu-ray player that will instantly stream movies and TV episodes from Netflix to the TV," said Netflix co-founder, chairman and CEO Reed Hastings.