Redbox to Offer Digital Service
Coinstar Inc.’s Redbox, the ubiquitous movie-rental kiosk, will begin offering an internet-streaming service to rival Netflix, according to The Hollywood Reporter.
Also similar to Netflix, the service will be combined with DVD rentals in some fashion. The company’s CEO Paul Davis told analysts today that they’re “closing in on” choosing an online partner, reports Bloomberg.com. “We could have moved a lot quicker quite a few months ago had we decided to do this on our own,” Davis said. “We made a conscious decision not to do it on our own because the price tag was prohibitive.”
The company’s stock has fallen 23%, partially because Coinstar is required to endure 28-day delays for new releases from some of the biggest studios like Universal, Fox and Warner Bros.
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