Redbox, which is trying to expand an ad-supported video streaming business into American homes, found another way to make money with its legacy disc-rental kiosks.
Redbox has announced a partnership with outdoor signage company Velocity to install video signage on around 4,000 Redbox rental kiosks nationwide. Redbox's network has about 40,000 rental kiosks, and the company said it's deployed around 2,000 video signs so far.
“The addition of Velocity screens gives us a powerful new way to promote new release titles with our content partners including all major Hollywood studios, as well as provide brands and studios a uniquely customizable out of home campaign, while also promoting our free streaming service and Redbox Entertainment originals in high trafficked locations,” said Galen Smith, CEO of Redbox. “We’ve already seen success with the screens we’ve tested to date, and we’re excited to see this quickly scale and potentially grow to additional kiosks in the future.”
Redbox went public again on Oct. 25 with the help of a special purpose acquisition company. Redbox is trading at around $10.37 a share after reaching a high of $17.93 on the Nasdaq back on Nov. 4.
