's (NASDAQ:AMZN) streaming video service hasn't yet been able to win many converts over from Netflix's (NASDAQ:NFLX) huge subscriber base. But that could change as the companies enter a new phase of competition over original series.

While Netflix has a one-season head start, Amazon isn't far behind. The Internet retailer just announced the green-lighting of five original shows to be aired exclusively on its Prime Instant service.

In the video below, Fool contributor Demitrios Kalogeropoulos discusses the budding arms race between these streaming giants. This is uncharted territory for both companies, he argues. And while it's too early to tell if the expensive bets will pay off, the best indication will be how many of this first crop of shows get extended into second and third seasons. Investors will want to stay tuned.