Redbox Expects Boost in Business Thanks to Robust Theatrical Slate
March 14, 2023
Chicken Soup for the Soul Entertainment Inc. is hoping a revitalized slate of strong theatrical features will boost business at its Redbox subsidiary.
The company says more than 40 major titles are expected to be available this year and early next year, both on DVD/Blu-ray Disc at the approximately 34,000 Redbox kiosks and digitally through Redbox On Demand for digital rental (TVOD) and purchase (electronic sellthrough).
Beginning with the recent theatrical release of Ant-Man and the Wasp: Quantumania, the company says it expects at least one major theatrical release each week for the remainder of the year. This year’s theatrical slate includes the latest installments from some of the highest-grossing film franchises in history, including Creed III, Scream VI, Shazam! Fury of the Gods, John Wick: Chapter 4, Guardians of the Galaxy Vol. 3, Fast X, The Little Mermaid, Spider-Man: Across the Spider-Verse, Transformers: Rise of the Beasts, The Flash, Indiana Jones and the Dial of Destiny, Mission: Impossible — Dead Reckoning Part One, Barbie, The Marvels, Meg 2: The Trench, Teenage Mutant Ninja Turtles: Mutant Mayhem, The Equalizer 3, Dune: Part Two, The Hunger Games: The Ballad of Songbirds and Snakes, Wonka, Aquaman and the Lost Kingdom, Ghostbusters 5 and others.
With this increase in major releases, the company will offer promotions to over 40 million Redbox customer loyalty program members to drive traffic to kiosks and digital platforms.
“After years of COVID-related delays and shutdowns, big movies are finally back in theaters. Our company is very well positioned to take full advantage of this massive slate of new release movies,” said Bill Rouhana, CEO of Chicken Soup for the Soul Entertainment. “Between our kiosks and digital streaming services, we can monetize these windows and drive meaningful free cash flow. We will use some of that expected windfall to pay down debts and help to expand our operations.”
The company will also utilize its digital streaming platforms to offer these movies during premium windows. Consumers will be able to rent or buy many of these films right after the theatrical window, allowing the company to capitalize on studio marketing efforts.