Verizon & Redbox to Launch Streaming Service

NEW YORK: Verizon Communications and Coinstar’s Redbox unit have formed a new DVD rental and streaming video joint venture.

The move combines Redbox’s DVD and Blu-ray Disk rentals with the a new video-on-demand streaming and download service from Verizon. The plans are to introduce the service in the second half of the year, complementing the existing access to physical media through the rental kiosks.

“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,” said Bob Mudge, the president of Verizon’s consumer and mass business markets.

“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,” added Paul Davis, the CEO of Coinstar. “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 joint venture will combine the accessibility and value of Redbox with Verizon’s vision for a borderless lifestyle—where consumers easily accomplish what they want or need to do, on their terms, through the power of the network,” Mudge continued. “Together, we are erasing old technology boundaries, freeing people to spontaneously enjoy the entertainment they want, whenever they choose, using the devices and media they prefer, at home or away.”