Netflix rose on Tuesday after announcing the online movie rental service introduced of a new device allowing subscribers to watch Internet video on their televisions.

The $100 product, which looks like a small box about the size of a paperback book, takes advantage of digital media streaming technology to deliver movies and television episodes from Netflix.

Shares of Netflix rose $1.11, or 3.58 percent to $32.09 in late afternoon trading.

The player was created in partnership with digital media streaming company Roku Inc. Users of the Netflix Player by Roku will have access to more than 10,000 movies and television episodes. Due to licensing restrictions the amount of content is only about one-tenth of Netflix's library of titles.

Last year, Apple began shipping its AppleTV media device which allows users of the iTunes service to watch internet video through their devices.

The Netflix device is enabled to work with wireless Internet connections. Users can browse movie and program selections with a remote.