Boom! That’s the sound of shattered and surpassed expectations as Redbox announced its first quarter earnings today.
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The Coinstar-owned company helped its parent record a profit of $53.7 million on revenue of $568 .2 million.
Coinstar CEO Paul Davis said the following about the great numbers:
“Coinstar delivered strong financial results in the first quarter demonstrating the strength of our core businesses and the value we offer consumers . . . As we move forward in 2012, we continue to execute on a number of important initiatives including the launch of our Redbox digital solution with Verizon via our joint venture and the rollout of one to two of our new venture businesses.”
With the joint streaming venture with Verizon on the horizon, do you think Redbox is just getting started on a record-shattering year? Or is the slow but inevitable demise of the DVD going to creep up on the kiosk operator?
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[via The Hollywood Reporter]
Time will tell how all this streaming thing will work out.
I will keep my eyes open on it…
The cable companies are going to put an end to it, if they keep raising the prices
of high speed internet.
Already bright house cable in Florida is asking $51.00 and that’s not including the fees and taxes.
And in some states there are caps as well.
Interesting,
I expected a banner year for RedBox, and it goes to show that more and more people are looking for cheap entertainment and saving money over the BlockBuster and NetFlix alternative. But, wow, 40%, no one expected this kind of financial growth report.
As to streaming, if anyone will be able to cut a deal with RedBox, it will be Verizon, but like with FIOS, it will be limited to those fortunate enough to have access to high speed internet, and that will take years just as it took years for cell towers to reach millions, so any talk about joint ventures is just that, talk.
I think the online Redbox reservation system has encouraged me to rent more movies this year. It works really well. I can browse their selection from home, reserve and pay for my movie, and know exactly which Redbox to pick it up at — there are 3-4 in my vicinity. Still, I run into the occasional wait when there is a line ahead of me, but I guess that can’t be avoided. However, it seems like more people are using online reservations, and so there are shorter and faster lines with fewer people deciding at the actual Redbox. Good for Redbox business.
The fall of Blockbuster stores and the confused business structure of Netflix since late last year most likely had something to do with this increase in profit.
RIP John Small.