Just ahead of Valentine’s Day, Verizon and Netflix are hooking up, announcing plans to bring the no-hassle movie rental service to set-top boxes across the US.
Redbox itself has been very successful even in an age of digital media- have you seen the queues outside 7-11 on these things after midnight on the weekends?- but it’s a given the company will have to adapt to an age of click delivery and bring its rental experience to the web, too. In a press release, Coinstar’s Redbox and Verizon indicated “joint venture plans to introduce the product portfolio in the second half of 2012,” but they’re saving specifics on how the service- which will be available across the United States- will be implemented for “coming months.”
Both companies commented on the Verizon Redbox partnership in the statement, with Verizon consumer and business markets head Bob Mudge saying:
“When you consider the core elements the parties bring to this venture – our powerful brands; our national rental kiosk footprint; our anytime, anywhere network presence; and our mutual commitment to customer-focused innovation – it’s clear that Verizon and Redbox are a powerful entertainment team.”
Coinstar’s CEO Paul Davis added:
“Consumers rely on Redbox for the latest new release movies at a great value, and our joint venture with Verizon will enable us to bring them even more value by offering expanded content offerings and greater flexibility for how and when they enjoy entertainment.”
Davis continues:
“This alliance is the result of a deliberate and strategic process to identify a partner who shares our commitment to delivering innovative solutions to consumers. We look forward to rolling out the shared benefits this venture will bring to consumers, retailers, and shareholders.”
The release confirms that the limited liability venture will be owned in a 65 percent stake by Verizon, and 35 percent by Coinstar/Redbox.
