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Redbox In Q3: More Kiosks, More Revenue
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| Symbol | Price | Change |
|---|---|---|
| TWX | 29.35 | -0.15 |
DVD rental service Redbox's revenues were up 90 percent in Q3, to $198.1 million, though the LAT notes that the growth is starting to slow. That could be why the company—which is known for its $1-per-night rentals—has been testing $2 rentals for new releases in some cities (via Video Business).
The extra charge for new releases could also be a preliminary attempt at meeting Warner Bros. (NYSE: TWX - News), Universal and Fox—the three studios currently trying to keep their new releases out of Redbox's kiosks—half-way in terms of better pricing. Redbox added 2,700 new kiosks over the course of Q3, bringing its total to 20,600. It plans to close out the year with at least 21,000 units. Coinstar, Redbox's parent company, posted a $41 million profit.
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