Redbox fans rejoice, naysayers lament! Redbox parent Coinstar revealed its Q1 financials today, and the news for Redbox was pretty good, overall. Revenue increased 38% from the same period last year to $362.3 million and same store (kiosk) sales increased more than 15%.
The sour note in the results came from a drop in margin from 17.6% to 14%, brought on by continued inventory issues held over from Q4 2010.
A big announcement for Redbox fans came from Coinstar CEO Paul Davis, who said that limited testing of video game rentals has been promising and that Redbox will be expanding its video game offering to nearly two-thirds of its kiosk network.
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Game pricing will come in at $2 per night, with DVDs and Blu-rays holding firm at $1 and $1.50, respectively. Said Davis:
“We think now that with $3, $1 for a movie and $2 for a game, you can appeal to the whole family,”
Investors certainly thought today’s news was good, sending the company’s stock soaring 8% in after-hours trading. What do you think of Coinstar/Redbox’s latest numbers, Insiders?
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Are you excited that there will likely be a video game rental option at a Redbox near you soon?
(via The L.A. Times)
I’m excited about the game rental, pending review of game selection.
Great to see game rentals coming to more locations. More competition with Gamefly, and that service is pretty good already. $2 rentals seems great to try out a game spur of the moment, instead of spending $60 for something I’ve only heard the hype about.
I hear video games are coming to my Redboxes around July.