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CinemaNow, which lets you (legally) download movies to your PC, has raised another $20 million from venture investors.

This is no surprise because every other video player is raising money right now, and CinemaNow’s backers are pumping money into other players that can be seen as as competitive. Cisco, for example, has become a Swiss-like arms dealer to everybody, recently helping lead a $15.5 million investment into IPTV company, Akimbo.

This brings the total capital raised to more than $40 million. The new investors are EchoStar and Index, big players in satellite and mobile services respectively. Other investors include Cisco, Lionsgate and Menlo Ventures.

CinemaNow offers legal downloads of feature-length films, shorts, music concerts and television programs from companies such as 20th Century Fox, ABC News, Disney, HDNet, Lionsgate, MGM, Miramax, NBC Universal, Sony, Sundance Channel and Warner Bros.

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