One of Hollywood's largest movie studios has announced that it will release films on both high-definition DVD formats next year. Paramount had previously committed to the HD DVD platform but has now said that it will begin releasing movies on Blu-ray discs in Japan, North America and Europe just as soon as the first Blu-ray players become available. In effect, Paramount is looking to exploit the fact that Blu-ray drives will be inside every PlayStation 3 games console, which is due to launch in the Spring of 2006.