Redbox has announced its financials for the third-quarter of 2015, and the company’s recent price hike seems to have saved the day.
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Redbox reported an operating income increase of 2.4 percent from the same period last year, but a 10 percent revenue decline. Rental transactions were down 23 percent. Net revenue per rental, spurred by Redbox’s most recent price hike, was up 42 cents over Q3 last year.
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Outerwall CFO Galen Smith, whose company is Redbox’s parent, said the following:
“Our performance in the quarter demonstrates our ability to continue delivering strong financial results despite exceptionally weak content that impacted revenue and rentals in our Redbox business,”
With a stronger slate of new releases coming up this quarter, can Redbox ride the wave of its price increase AND see transactions rise? How much Redboxing did you do this quarter compared to the same period last year?
[via Home Media Magazine]
No more freebies explain why revenues declined ~10% and transactions declined ~23%.
Operating income increased LESS than the CPI rate of inflation.
Sell the stock!
I finally found some working free redbox codes here:
http://movierentalcodes.com/redbox
Look’s like the Box is going the Block Buster way..
Block Buster did everything the Box is doing.And we all know where Block Buster
is…
A 23% decline in transactions. No good….
As long as broadband is priced so high, there will be a substantial market for DVD’s, and The Box is one of the only options out there for many people. I have broadband, but it’s still worth it for me to rent from the Box when I want to see a new release because of the money I save. Plus, might as well get some use out of my perfectly good DVD player.