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.