Amazon has gone social, tuned its vocals, and eyed mobile, but now it's hopping the pond. Today Amazon announced that it has reached an agreement to suck up the remaining shares of LoveFilm International Limited.

The leading European subscription entertainment service is being dubbed the "European Netflix." It bundles game and movie rentals-by-mail with online streaming service for PCs, Web-savvy TVs, and the Playstation 3. The acquisition augments the Seattle-based company's minority stake in LoveFilm, granting Amazon entry into the media markets across the UK, Germany, Sweden, Norway, and Denmark.

"LoveFilm has been innovating on behalf of movie rental customers across Europe for many years and with the advent of the LoveFilm player, they are further delighting customers by streaming digital movies for their immediate enjoyment," Greg Greeley Amazon's vice president of European retail, said in a statement. "LoveFilm and Amazon have enjoyed a strong working relationship since LoveFilm acquired Amazon Europe's DVD rental business in 2008, and we look forward to a productive and innovative future."

Over the past seven years, LoveFilm has grown into one of Europe's premiere film subscription services. Like Netflix, LoveFilm matches the benefits of DVD rental by mail and the option to stream moves through its LoveFilm Player available on PCs, the PlayStation 3, and Internet-ready television sets. The service currently features more than 70,000 titles with nearly 1.6 million members throughout Northern Europe and Scandinavia.

Perhaps most interesting for review-wunderkind Amazon, LoveFilm customers have already posted 80 million film ratings and written over 843,000 member reviews—user-generated content that could sharpen the company's already clever—and lucrative—Recommended For You service.