Forbes is reporting that Coinstar has recently made some changes to its executive team, replacing some of them with Redbox executives.
As we reported in February, Coinstar bought the remaining shares of Redbox that they didn’t already own from McDonald’s and other smaller investors, making them the sole owner of Redbox.
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This effectively took Redbox public, as the DVD kiosks now account for mosts of Coinstar’s business.
Redbox CEO Gregg Kaplan became Coinstar President and COO, while Redbox CFO John Harvey became the CFO of Coinstar. The previous Coinstar COO, Paul Davis, is now the CEO.
In addition, former Redbox COO Mitch Lowe (formerly a founding executive at Netflix) has now become the Redbox President.
These are the exact kind of changes I have been waiting for, and hopefully now that everyone is in their new positions, we can have some useful dialog with Redbox. I would love to be able to chat with the Redbox team regularly to bring you news and updates about Redbox and what they have in store for us next.
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If someone knows Mitch Lowe and can help me get in touch with him, please let me know. It would be greatly appreciated and will benefit everyone.
I think Coinstar and Redbox have a bright future ahead of them. Congratulations to the new team and to Coinstar for a great acquisition.
Doesn’t going public mean you have stock and people vote on how the company is run. I don’t want the price to all of a sudden go up and promo codes down. All that I want is to see Blu-ray rents in there!
machines do have blu-ray rentals in them.. majority of walmarts where I live get them.. they are still testing out the waters to see how many customers will actually rent them if they are available and they are trying to figure out in what area these customers live in so they can start putting them into machines in those locations. I even heard that some where they are actually even testing out renting video games.. I wish we had that where I lived!
is redbox owned by blockbuster??
*sigh* NO! You obviously have an internet connection, use it. Not to mention that you are posting for an article devoted to Coinstar. Does Coinstar own Blockbuster? Isn’t Blockbuster it’s own company? Hmmm, if I remember the last 20-25 years of Blockbuster, I seem to recall them being their own company.
There are no stupid questions only stupid answers as you can see. Obviously you have an Internet connection because you are using it the correct way. If someone does not know the answer to something it is a great idea to just ask. To answer your question, Blockbuster and Coinstar are competitors. Hope this helps, have a great Easter.
So when can I buy redbox stock? Coinstar is out of my price range.
Michael,
I plugged Mitch Lowe into LinkedIn and see that he’s a 3rd degree connection of mine. If you aren’t on LinkedIn, you should be, as it’s a great way to get in touch with people. Or, have you just tried calling Redbox and asking to speak to him?
Thanks for the reply. I was actually able to get in touch with him already and we had a nice conversation. I hope to share more about it soon.
No more $1 hold?
Redbox just changed the way they do the e-mail receipts. Now you get a receipt right away with a total on it (with promo code it shows $0), if you keep the movie longer then you will receive another receipt.
It said “Our new billing process eliminates temporary holds on your account for easier tracking of charges!”. I’m not sure if that means no holds if you use a promo code.
If there’s no hold I wonder if we might be able to use unregistered visa gift cards again.
Mitch Lowe is human just like you. Call him directly.
Mitch Lowe puts his pants on one leg at a time, just like you do. Just call him.
Mitch Lowe is not a god, he’s just a guy. He eats lunch and chews his food.
Just call and say who you are, what you do and maybe why you are calling and I am sure he would want to chat with you. (unless lawyers get involved, they screw up everything bickering about every little stupid thing)
Treat him as a equal, if you worship him then you lose all respect.
Is There Sat. Codes?
Redbox
One Tower Lane Suite 1200
Oakbrook Terrace, Illinois 60181
United States
Website: http://www.redbox.com
Phone: (630) 756-8400
Redbox sucks they ripp off ppl!
How?
with the financial trouble blockbuster reported wile back, think if or when they actually “go under” that redbox and netflix would end up buying their inventory of dvd’s? all that would leave here in yuba city california is some mom and pop rental places and hollywood video.thats fine with me thou cuz they all charge way too much and have not much 4 selection anyways!
I hate chains like Blockbuster because of their prices, but their selection is wayyyyy better than Redbox. That’s the only problem with having a small kiosk like that. I just hate waiting for a good new movie to come out to DVD only to find out that Redbox didn’t get if for some reason. I’m still waiting for my turn to rent Zack and Miri and Ghost Town from my local library cuz I won’t pay close to $5.00 to rent a movie from a chain. Not to mention the fact that they got the first Futurama movie but none of the other three. Hope these changes include a new person in charge of what movies they get in. You should talk to Mitch Lowe about this as well.
hey do u think there would be any way to fix the redbox so it could take cash! i know it would be a little more pain ,but i bet you would have lots more people renting the only thing would to be figure out how to trace who has the movie so no one could steal it… the PROS … more business/cash…CONS … figure out how to track them… but who ever came up with this i’m sure u can do this too!!! thanks
wow! just wow! I don’t even know where to begin to explain how this is the most asinine suggestion in regard to Redbox running a business. THESE ARE DVDS THAT ARE BEING RENTED, NOT A BAG OF POTATO CHIPS!!!! What do you think people will do? Deposit $1, rent a movie, and then promise that they will return it tomorrow? If they don’t return it the next day, will they honestly pay the extra $2,$8,$22 for each night that it is out? Are people supposed to deposit $25 at the time of rental, and then the machine will give you the remainder upon successful return of the movie?
There are no ‘pros’ to this set-up!!!! More business? Your joking, right? Companies go under when they rely on cash transactions. Redbox vends you a disc, they get your credit card/debit card info. THEY DONT REALLY CARE WHAT YOU DO WITH THAT DISC OR IF YOU EVEN DECIDE TO RETURN IT!!! They get paid by the credit card company. No one in their right mind would ever rely on a business model where the customer has the final say and ultimate decision in whether your business receives the money owed for services rendered (now, of course I’m talking about a national co. with over 13,000 locations, i.e. points of sale).
Redbox works because of credit/debit cards, the internet, and the proliferation of cell phones.
If you can’t understand how those things interact to benefit Redbox, then you are the type of person who is sitting there wondering why the machines don’t take cash.
AMEN!!! I couldn’t have said it better myself! That was such a stupid question that you have to wonder if “djjojo1” has any brain cells at all!
duhhhhhhh!!!! caillat why write such a long letter in return.. people are so hateful these days.. get a life… u too movie crazy.. why be so hateful??? i don’t study the statistictics to see if vendors who rely on cash go under.. why not have a nice conversation. maybe because people like u can’t.. just was trying to make a suggestion.. gosh!!
That was harsh. Sorry djjojo. Not everyone is mean. I’ve wished many times I could use a dollar, but it will never happen.
You would THINK anyone with any COMMON SENSE would be able to figure out that cash wouldn’t work for the reasons that Calbat stated. We’re not haters, we just hate some of the moron questions that are posted on here and it gets tiring answering them over and over. And by the way I have a life so why don’t you get one!
No question is stupid….
What about their selection choice though? I know they couldn’t get every movie that comes out, but they seem to skip some really good ones with good actors, even if they were in theaters and everything, just to get some crappy B movies instead. Not all of them could be Blockbuster exclusives. Was Zach and Miri a Blockbuster exclusive? What about Ghost Town? And the other three Futurama movies?
“Zack and Miri”… was a Blockbuster exclusive. It is not that hard to find out. People, please remember, if The Weinstein Co. distributes the movie, YOU WILL ONLY SEE IT AT BLOCKBUSTER!!!! (unless Netflix/Hollywood Video, or other, smaller vendors, go to WalMart the day that it comes out, buy 20-30 copies full price, and then put it on their shelves/stock it).
Has anyone received today’s free rental code?
This blog went far away from the original comment. For those interested in Coinstar as an investment see http://www.zacks.com/newsroom/commentary/index.php?type_id=29.
Because it is at $36/share does not make it expensive. You just get fewer shares for $1000. It may be “expensive” in the sense it has a high P/E, but look at the chart… it has good momentum, growing fast. Stock was $15 in early December. That’s up 140% in 5 months!
Just wanted to let people know of my recent experience with Redbox. I went to my financial institution this morning to cash a check for my rent payment only to find out my account was in a negative state. Come to find out Redbox charged me 50$ extra on my last return which totally threw my account in the hole, leaving me with 150$ in overdrafts fees. They were quick to return the 50$ to my account but when I mentioned the 150$ in overdraft fees all they could say was “Sorry, theirs nothing we can do about it.” Needless to say i went into a panic! Well, after a conference call to my bank and me being 1 hr late for work they agreed to look over my account only if my bank faxed to them my bank statement dating back to April, 4th… Ok, for one, i believe that is illegal, and for two,why do they need to look over a months worth of my personal information. Maybe a week or so before their F..up but not a whole month..
So, hopefullythis will be resolved this week and I’ll be able to pay rent.. that’d be great.. oh and maybe put some gas in my car too.
I don’t see why the bank can’t restrict the info to redbox charges only (and the overdraft fees they charged), and put it all on the banks letterhead so redbox knows it’s official. YOU HAVE TO ASK, these people never get off their asses unless you make a big stink, it’s pretty simple, grease, squeaky wheel, etc….
Here’s what I don’t understand about your story: I’m assuming that your ‘$50 extra’ charge was for 2 movies that they say you never returned. I don’t know or don’t care if you did return the movies in question. My issue is that it takes 25 days of a movie being out before they charge you $25 per disc. So that means that for at least 25 days, you were never charged for your rental. Which also means that when you returned your discs (if you did), you never received the ‘successful confirmation of return’ screen at the kiosk. Because if you did, you also would’ve received an email stating the return date/time/location. By receiving that email return receipt, then that means that your movies are back and the charges stop. So my concern is why did you feel that you did not have to pay for your rental?
Even if you returned the movies the next day, I’m assuming that it was only 2 titles, you would’ve been charged $2. Weren’t you ever wondering when you were going to get charged for your movies? Maybe after a week of not having to pay for your rental, or maybe 2 or 3 weeks later, you should’ve taken responsibility for your own finances and contacted the company to find out when your charge would process. Not to mention, the scary suspicion should heave been in your head that maybe your return was not processed successfully and maybe Redbox thinks that you never returned your titles.
And what the hell is illegal or could even be considered as being illegal about someone, anyone, asking you to supply them with personal information? All they did was ASK YOU, they didn’t access that info without your consent. Are you really that ignorant that you don’t realize that YOU DON”T HAVE TO COMPLY!!! Considering that they have already given you $50 of their money for discs that they do not have, but show as being last rented to you, don’t you feel that maybe some further investigating on their part is warranted for your irresponsibility in tracking your own finances. Of course they are going to want to see if they did make a mistake. Maybe by looking for the charge that you should’ve received for the titles in question? If they find that they did already charge you for your rental , then they see that they charged you ‘$50 extra’, of course they are in error and will reverse the bank fees.
I honestly hope that they just deposited $50 to you conditionally. For good customer relations, they should credit you $50, then send somebody out to the specific kiosk that you say your discs were probably returned to to search the hell out of that machine for the titles in dispute. If your discs do not show up, then they have every legal right to charge you $50 for your inability to fulfill your end of the rental agreement that you entered into freely when you swiped your bank-card at the kiosk.
Your ‘inability to fulfill your end of the rental agreement’ means that you probably either returned the discs wrong, returned them to a non-Redbox machine, or never returned them at all. Which means that the discs were never successfully returned. When the screen says ‘your discs have been returned’, then your end is fulfilled. JUST BECAUSE A MACHINE TAKES YOUR DISCS, THAT DOESN’T MEAN THAT THEY ARE RETURNED SUCCESSFULLY!!! The successful return is when the screen says so, and you have an email to prove it. If you have no email, that doesn’t mean that you never returned your movies, that just means that the screen never gave you confirmation, which means that the machine did not process your return. AT THAT TIME, WHILE YOU ARE AT THE MACHINE, IT IS YOUR RESPONSIBILITY TO MANAGE YOUR CHARGES!!!
Don’t expect anyone else to take care of what you are obviously incapable of handling. It’s called balancing your checkbook and stop being ignorant to the repercussions of your actions.
Wow, that’s a lot of assumptions.
We do need more details, like if he used promo codes and returned them (how many DVDs???) on time for $0 balance or if he paid etc.. And I assume that he didn’t give them a e-mail since he would have known about the thing(s) not being returned and could have stopped this sooner.
RULE #1 – Always give them a e-mail so you get return receipts!
If you use 2 cards, get a gmail, yahoo, hotmail or other as a 2nd account. I think gmail will forward mail so you don’t have to be checking two boxes all the time.
Also, if you are returning 2 or more movies, only the last one could be “lost” due to being in a rush because you have to wait for each previous return to complete. It’s not clear if these are 2 at once or 2 separate rentals returned on different days.
Since they did give him back the $50 it sounds like he did return them properly and something got really messed up. But something like that happening on 2 rentals is highly unlikely, unless he returned them both the same day and there was some sort of major glitch at the machine that day.
We don’t know what happens if a machine is offline, I could guess that it still accepts returns and writes them to a log file that gets transmitted when the network comes back, but if a hard drive crashes, or the power glitches, or windows crashes, then who knows.
It may be that with the new billing system they don’t take from your account $1 each day so even if he checked his bank account online he may not see charges. I don’t know, I haven’t been late yet. And a lot of people don’t bother with the online banking stuff anyway.
Giving them a e-mail would have prevented this, if the guy was paying attention. If he didn’t get a receipt by the next day, he could have called in and checked. I always see mine by the time I get back from returning them.
Another thing, I’ve never gotten any SPAM from the Redbox situation. They are doing a really good job so far at not giving out my e-mail address. It’s possible in the future that they might have a data breach, but so far they are doing OK in that area.