Redbox rents 1 billionth movie

By McClatchy Tribune Newspapers
Posted Sep. 7, 2010 at 7:11 a.m.

Fast-growing DVD rental provider Redbox said it reached a milestone this weekend with the rental of its 1 billionth movie — “Clash of the Titans,” at a kiosk in Tampa, Fla.

The rental milestone occurred six years after the first kiosk appeared in Denver.

The Oakbrook Terrace-based company is known for its distinctive red kiosks that rent DVDs for $1 a night. The kiosks are at more than 24,000 locations, including groceries, drugstores and some McDonald’s restaurants.

“Our popularity is a testament to our consumers’ loyalty and our steadfast commitment to making movie rentals affordable and convenient,” Redbox President Mitch Lowe said in a company statement.

To mark the DVD milestone, Redbox is offering users a free one-night movie rental during September.

Redbox’s increasing DVD rentals helped drive up parent Coinstar’s profit and revenue sharply in the second quarter.

Coinstar bought into Redbox in 2005, gradually increasing its stake until it took sole ownership last year.

Coinstar has been selling assets to concentrate on expanding Redbox kiosks and its coin-changing machines.

Most recently, Coinstar agreed to sell its money-transfer division to Sigue for $41.5 million.

Redbox is working on an online strategy to compete with larger rival Netflix.

Read more about the topics in this post: , ,

Companies in this article

Comments are closed.