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Coinstar has issued a press release regarding is Q2 2008 earnings, and it looks like Redbox has been good to them.

Redbox saw a 200% revenue growth from last year, with sales of $57.8 million last quarter, and earnings of $11.5 million. Of course, Redbox has also more than doubled their kiosk installations from this time last year as well, going from 4,300 a year ago, to 9,600 as of the end of last quarter.

Coinstar upped its share in Redbox from 47% to 51% this past January, to become the majority stakeholder in the company. McDonald’s – along with a handful of other investors – owns the remainder of the company.

So, it doesn’t look like all of the free promo codes they are giving out is hurting their business, but instead continuing to drive their growth. Now, if they can just get their IPO done, Redbox investors will be very happy, indeed.

6 Responses to “Coinstar announces earnings, Redbox drives growth”

  1. Visitor [Join Now]
    Barry [visitor]

    Cant wait to buy some of their stock??????

  2. Member [Join Now]

    go redbox, kill blockbuster.

    support your local video store tho (if there are any left)

  3. Visitor [Join Now]
    Tim [visitor]

    I think you meant to say, “with earnings of $11.5 million on sales of $57.8 million”

  4. Visitor [Join Now]
    Tim [visitor]

    I hate to say it, but with the weekly codes, I have no need to actually *pay* for a rental. It makes me wonder how long before this gravy train ends. :-(

  5. Visitor [Join Now]
    Rock [visitor]

    I hope Redbox goes to every street corner, and store. Hate to say it -why bother with video rental stores with poor selections, and over priced rental- not to mention disgruntled rental/store workers. Yeah Redbox does need to make SOME imnprovements (Like better stocking of titles- and carrying unrated versions of movies) but its still way better than going to video rental stores that are not open 24 hours a day. Even if you pay just $1 for a rental its still a better deal than places like Blockbuster, and Video Knights etc. I can forsee Redbox surpassing Netflix in the future- if they further expand kiosks locations. Netflix is great but there service and speed is horrible!

  6. Visitor [Join Now]
    Alicia [visitor]

    I’m glad to see they are realizing that it is profitable to reward consumers. There are plenty of folks who will rent more than just their freebie, or will occasionally neglect to take it back on time,and still more that don’t even have a clue about the freebie codes. Also, with rentals being so inexpensive and economical, you can afford to rent several without codes. When companies are good to consumers, the consumer is good to the company.