Saturday, August 24, 2019

REDBOX SWITCHING TO SETTOP BOX

October 29, 2010 by · Leave a Comment 

Kiosk operator Redbox is planning to follow a course similar to that of Netflix, gradually transitioning to online rentals, the company said Thursday as corporate parent Coinstar released third-quarter results showing Redbox’s operating income growing 149 percent to $29.7 million on revenue of $305.5 million, up 54 percent. Faced with analysts’ concerns about its longterm prospects in the face of increasing online movie rentals and sales, the company said that it is preparing to develop a Web-based service as an adjunct to its kiosks. “The disc business is still very strong and will continue to be for quite some time, but we need to get into this space to take advantage of the gradual transition to digital,” Redbox President Mitch Lowe told the Los Angeles Times.