iTunes hasn't been just about music for years. Nowadays, you can also buy TV episodes ($2 apiece, no ads), movies, and music videos. You can also rent movies from iTunes for $3 to $5 apiece. That is, once you download a movie, you have 30 days to start watching—and once you start, you have 24 hours to finish before it turns into a pumpkin.
You have to do your renting and buying using the iTunes software on your Mac or PC—the direct-to-phone video downloading era hasn't yet dawned.
But once it's on your computer, you can sync this stuff to the iPhone following the steps on The Podcasts Tab.
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