‘Moonfall’ Orbits Top Spot on Redbox Charts

Lionsgate’s Moonfall took over the top spots on both Redbox’s disc rental chart and the Redbox On Demand chart the week ended May 1.

The Roland Emmerich-directed film, which tells the story of retired astronauts and a conspiracy theorist being humanity’s only hope to prevent the moon from crashing into the Earth, earned just over $19 million at the domestic box office.

The top title the previous two weeks, Sony Pictures’ Spider-Man: No Way Home, slipped to No. 2 on both the disc rental chart, which tracks DVD and Blu-ray Disc rentals at Redbox’s more than 40,000 red kiosks, and the Redbox On Demand chart, which tracks digital VOD and sellthrough transactions.

Universal Pictures Home Entertainment’s animated sequel Sing 2 slipped to No. 3 on the disc chart and No. 4 on the digital chart.

The No. 3 Redbox On Demand title was Sony Pictures’ Uncharted, an adaptation of the popular video game franchise of the same name. It became available for digital purchase April 26 in advance of its May 10 disc release.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

The No. 4 disc rental and No. 6 digital title was Paramount’s Jackass Forever, the latest film in the “Jackass” comedic stunts franchise.

The No. 5 digital title was Paramount’s Infinite, a sci-fi film with Mark Wahlberg.

Rounding out the top five disc rentals was Sony Pictures’ Ghostbusters: Afterlife, which was the No. 9 digital title.

Top DVD and Blu-ray Disc Rentals, Redbox Kiosks, Week Ended May 1:

  1. Moonfall — Lionsgate
  2. Spider-Man: No Way Home — Sony Pictures/Marvel
  3. Sing 2 — Universal
  4. Jackass Forever — Paramount
  5. Ghostbusters: Afterlife — Sony Pictures
  6. Scream (2022) — Paramount
  7. Marry Me — Universal
  8. Gasoline Alley — Paramount
  9. The Cursed — Decal
  10. The Matrix Resurrections — Warner

 

Top Digital (VOD + Sellthrough), Redbox On Demand, Week Ended May 1:

  1. Moonfall — Lionsgate
  2. Spider-Man: No Way Home — Sony Pictures/Marvel
  3. Uncharted — Sony Pictures
  4. Sing 2 — Universal
  5. Infinite — Paramount
  6. Jackass Forever — Paramount
  7. The Requin — Lionsgate
  8. Marry Me — Universal
  9. Ghostbusters: Afterlife — Sony Pictures
  10. The Cursed — Decal

 

Follow us on Instagram!

Redbox Shares Skyrocket 58% in Early Trading

Redbox Entertainment’s fiscal rollercoaster continued with a jolt May 2, with shares skyrocketing 58% to open at $9.77 per share in heavy trading of more than 78 million shares. The average daily trading volume has been around 5.3 million shares.

While Wall Street’s renewed interest in Redbox isn’t underscored by any particular fiscal fundamental, some analysts contend the company has become a meme stock, with individual investors swarming around a low-priced investment that is fluctuating, benefitting short sellers, or investors betting the share price will drop.

B. Riley & Co. analyst Eric Wold

Subscribe HERE to the FREE Media Play News Daily Newsletter!

Regardless, the venerable DVD kiosk vendor is transitioning its business focus away from packaged media rental to digital distribution, including transactional VOD and ad-supported streaming. The service lost $140 million in 2021 but generated more than $35 million in digital revenue. Separately, the company said it gained access to an additional $50 million in credit, which was music to B. Riley & Co. analyst Eric Wold.

“Given our continued belief in the opportunity for the Redbox kiosk network to address the ongoing content needs of the target demographic (e.g., late technology adopters and price-sensitive consumers) — especially in an environment where SVOD platforms are beginning to hit a subscriber wall — we saw the value of additional financing to help [Redbox] get past the current content drought,” Wold wrote in a note.

The analyst believes the new credit line could help Redbox further realize its digital business.

“Digital growth strategies that have been put on hold or delayed as management sought out additional liquidity options,” Wold wrote.

Redbox Gets Access to $50 Million in Additional Financing, Stock Soars

Redbox Entertainment, in a regulatory filing, disclosed it has received access to line of credit worth $50 million, as part of a restructured “Voting and Support Agreement” with HPS Investment Partners. As previously, reported, Redbox downsized its board of directors to five from nine members, including the addition of three new directors.

The news sent Redbox shares up than 32% in midday trading.

Redbox, which posted a net loss of more than $140 million in 2021, is attempting to transition the company from its legacy packaged-media kiosk business to include a digital focus on transactional VOD and ad-supported VOD content. The company generated $35.1 million in digital revenue, down from $39.7 million in 2020.

Redbox is eyeing more than $31.4 million in long-term debt this year, a tally that jumps to $271.5 million in 2024.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

‘Spider-Man: No Way Home’ Still No. 1 on Redbox Disc and Digital Charts

Sony Pictures’ Spider-Man: No Way Home remained No. 1 on both Redbox’s disc rental chart and the Redbox On Demand chart the week ended April 24.

The Marvel Cinematic Universe entry has earned more than $804 million at the domestic box office.

Universal Pictures Home Entertainment’s animated sequel Sing 2 remained No. 2 on the disc rental chart, which tracks DVD and Blu-ray Disc rentals at Redbox’s more than 40,000 red kiosks, but slipped two spots to No. 4 on the Redbox On Demand chart, which tracks digital VOD and sellthrough transactions.

The No. 2 digital title was Paramount’s Infinite, a sci-fi film with Mark Wahlberg.

The top newcomer for the week, at No. 3 on both charts, was Paramount’s Jackass Forever, the latest film in the “Jackass” comedic stunts franchise. It made just under $58 million at the domestic box office.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

No. 4 on the disc chart and No. 5 on the digital chart was Universal’s Jennifer Lopez and Owen Wilson comedy Marry Me.

Paramount’s Scream relaunch dropped two spots to No. 5 on the disc rental chart, and No. 8 on the Redbox On Demand chart.

Warner’s The Batman became available for digital purchase and rental April 18 and grabbed No. 7 on the Redbox On Demand chart.

Top DVD and Blu-ray Disc Rentals, Redbox Kiosks, Week Ended April 24:

  1. Spider-Man: No Way Home — Sony Pictures/Marvel
  2. Sing 2 — Universal
  3. Jackass Forever — Paramount
  4. Marry Me — Universal
  5. Scream (2022) — Paramount
  6. Ghostbusters: Afterlife — Sony Pictures
  7. The Matrix Resurrections — Warner
  8. The Cursed — Decal
  9. Last Looks — RLJ
  10. Death on the Nile (2022) — 20th Century

 

Top Digital (VOD + Sellthrough), Redbox On Demand, Week Ended April 24:

  1. Spider-Man: No Way Home — Sony Pictures/Marvel
  2. Infinite — Paramount
  3. Jackass Forever — Paramount
  4. Sing 2 — Universal
  5. Marry Me — Universal
  6. Ghostbusters: Afterlife — Sony Pictures
  7. The Batman — Warner
  8. Scream (2022) — Paramount
  9. Dog — MGM
  10. Wrong Turn (2020) — Lionsgate

 

Follow us on Instagram!

Redbox CFO Kavita Suthar Stepping Down

Redbox April 25 announced that CFO Kavita Suthar will step down, effective May 16, to spend more time with her family. Suthar joined Redbox in 2015, becoming CFO in 2020 and played an integral role in navigating the home entertainment company’s successful SPAC merger and public listing in October 2021.

Mitchell Cohen, who has prior experience as COO and CFO at several public and private companies, will serve as interim CFO. Suthar will remain involved with Redbox in an advisory capacity to facilitate a smooth transition.

“Kavita played an important role in Redbox’s public listing and provided the sound financial leadership required to navigate the process successfully,” CEO Galen Smith said in a statement. “On behalf of the board and executive team, I’d like to thank her for her contributions over the years. We wish her the very best in her future endeavors.”

Redbox, which lost $140 million in fiscal 2021, is undergoing internal restructuring as it cuts overhead costs and attempts to transition to digital distribution.

Separately, Redbox shares exploded (41%) April 25 as more than 33 million shares traded hands on Wall Street — well above the average daily volume around 2.4 million shares. Online scuttlebutt suggests the stock has piqued the interest of short sellers who are betting the company becomes a “meme stock,” triggering major up-and-downturns.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

Analyst: Netflix’s Pain Could be Redbox’s Gain

Redbox Entertainment could be seeing a gain from the fiscal pain Netflix has experienced this week since reporting a first-quarter net loss of 200,000 subscribers. The SVOD pioneer’s stock price has cratered almost 40% since April 19 when it said it expects to lose 2 million subs in the current quarter ending June 30.

At the same time, Redbox has seen its shares skyrocket in value more than 25%, despite posting a loss of more than $140 million in 2021.

Michael Pachter

That could be because Netflix disclosed it was considering launching a lower-priced ad-supported subscription plan — a significant move considering co-founder Reed Hastings’ long aversion to advertising.

Redbox, of course, has made major strides launching digital distribution of content across both transactional and ad-supported streaming platforms. The company generated more than $35 million in digital revenue last year.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

With studios launching higher profile titles in theaters, trickle down to Redbox kiosks, transactional VOD and possibly AVOD portend near-term positives, according to Michael Pachter, analyst with Wedbush Securities in Los Angeles.

“[Their] movie lineup is really good, and they have advertising, so maybe Netflix’s foray into [ad-supported streaming] is an endorsement,” Pachter wrote in an email.

Redbox Streamlines Board, Losing Key Fiscal Backers

Redbox Entertainment April 20 disclosed it has reduced the size of its board of directors from nine to five members as the legacy kiosk movie rental company restructures management to deal with changing market conditions. Among the departing board members include representatives from parent Apollo Capital and Seaport Global SPAC — the latter helping Redbox become a publicly traded company last October.

Redbox reiterated there were no disagreements between the company and the departing directors.

Remaining board members include Kimberly Kelleher, president of commercial revenue and partnerships at AMC Networks, and Galen Smith, CEO of Redbox. Joining the board are independent directors Gregory W. Frenzel, Neal P. Goldman and Robert H. Warshauer.

The board changes come as Redbox issued stock warrants to HPS Lenders to purchase more than 11.4 million shares of Class A common stock, representing almost 20% of the company’s outstanding shares.

‘Spider-Man: No Way Home’ Moves to No. 1 on Redbox Disc and Digital Charts

Sony Pictures’ Spider-Man: No Way Home took over the No. 1 spot on both Redbox’s disc rental chart and the Redbox On Demand chart the week ended April 17.

The Marvel Cinematic Universe entry has earned more than $804 million at the domestic box office. It had been No. 6 on the digital chart a week earlier.

Universal Pictures Home Entertainment’s animated sequel Sing 2 dropped to No. 2 on both charts after two weeks in the top spot.

Paramount’s Scream relaunch dropped a spot to No. 3 on the disc rental chart, which tracks DVD and Blu-ray Disc rentals at Redbox’s more than 40,000 red kiosks, and No. 6 on the Redbox On Demand chart, which tracks digital VOD and sellthrough transactions.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

The No. 3 digital title was Paramount’s Infinite, a sci-fi film with Mark Wahlberg.

No. 4 on both charts was Universal’s Jennifer Lopez and Owen Wilson comedy Marry Me, while No. 5 was Sony Pictures’ Ghostbusters: Afterlife.

Top DVD and Blu-ray Disc Rentals, Redbox Kiosks, Week Ended April 17:

  1. Spider-Man: No Way Home — Sony Pictures/Marvel
  2. Sing 2 — Universal
  3. Scream (2022) — Paramount
  4. Marry Me — Universal
  5. Ghostbusters: Afterlife — Sony Pictures
  6. Death on the Nile — 20th Century
  7. The Matrix Resurrections — Warner
  8. Last Looks — RLJ
  9. Venom: Let There Be Carnage — Sony Pictures
  10. The Requin — Lionsgate

 

Top Digital (VOD + Sellthrough), Redbox On Demand, Week Ended April 17:

  1. Spider-Man: No Way Home — Sony Pictures/Marvel
  2. Sing 2 — Universal
  3. Infinite — Paramount
  4. Marry Me — Universal
  5. Ghostbusters: Afterlife — Sony Pictures
  6. Scream (2022) — Paramount
  7. Clifford the Big Red Dog — Paramount
  8. Venom: Let There Be Carnage — Sony Pictures
  9. Death on the Nile — 20th Century
  10. Dog — MGM

 

Follow us on Instagram!

Redbox Lost $140 Million in Fiscal 2021

Redbox Entertainment reported it lost $140.7 million on revenue of $288.5 million for the fiscal year ended Dec. 31, 2021. That compared with a fiscal loss of $69.5 million and revenue of $546.2 million in 2020.

The legacy kiosk DVD rental company said it has been significantly challenged by the COVID-19 pandemic with a lack of new-release movie titles undermining consumer demand. Indeed, in 2019, before the pandemic began, Redbox reported a net loss of $7.5 million on revenue of $858.3 million.

Indeed, Redbox said it released just 57 new DVD rental titles in 2021, compared with 68 in 2020 and 140 movies in 2019.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

Throughout the first three quarters of 2021, Redbox released 33 theatrical titles at the kiosk, which is typically what would have been released in one quarter pre-COVID. The bulk of the releases for 2021 came in the fourth quarter with 24 releases. Packaged-media rental revenue decreased 57% compared with 2020.

“However, as content built throughout the quarter, it was still inconsistent week to week and met with challenges from the outbreak of the Omicron variant of COVID-19,” Redbox wrote in the 10K filing.

Redbox said it generated $253.4 million in kiosk rental revenue in 2021, down from $506.4 million in 2020. The company realized 62.3 million disc rental transactions, down from 146.3 million transactions in 2020. Redbox generated $35.1 million in digital revenue, down from $39.7 million in 2020.

Digital revenue was also negatively impacted by the lack of new releases in the period versus a year ago reflected by a decrease of 11.6% in revenue.
Partially offsetting the declines was strong growth in the company’s kiosk servicing business and distribution of original content under the Redbox Entertainment label.

The company, which has been aggressively transitioning to digital distribution, including transactional VOD and ad-supported VOD, now operates about 38,300 kiosks nationwide — down from more than 41,400 in 2019.

‘Sing 2’ Remains No. 1 on Redbox Disc and Digital Charts

Universal Pictures Home Entertainment’s Sing 2 spent a second week at No. 1 on Redbox’s disc rental chart and Redbox On Demand chart the week ended April 10.

No. 2 on the disc rental chart, which tracks DVD and Blu-ray Disc rentals at Redbox’s more than 40,000 red kiosks, was Paramount’s Scream relaunch, which also moved up a spot to No. 5 on the Redbox On Demand chart, which tracks digital VOD and sellthrough transactions.

No. 3 on the disc chart and No. 2 on the digital chart was Universal’s Jennifer Lopez and Owen Wilson comedy Marry Me.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

The No. 4 disc rental was RLJ Entertainment’s action comedy Last Looks. the film features Mel Gibson as a TV star whose wife turns up dead, prompting an ex-cop to come out of his posh retirement to investigate.

The No. 5 title on both charts was Sony Pictures’ Ghostbusters: Afterlife.

Top DVD and Blu-ray Disc Rentals, Redbox Kiosks, Week Ended April 10:

  1. Sing 2 — Universal
  2. Scream (2022) — Paramount
  3. Marry Me — Universal
  4. Last Looks — RLJ
  5. Ghostbusters: Afterlife — Sony Pictures
  6. The Matrix Resurrections — Warner
  7. The Requin — Lionsgate
  8. House of Gucci — Universal/MGM
  9. King Richard — Warner
  10. Venom: Let There Be Carnage — Sony Pictures

 

Top Digital (VOD + Sellthrough), Redbox On Demand, Week Ended April 10:

  1. Sing 2 — Universal
  2. Marry Me — Universal
  3. Venom: Let There Be Carnage — Sony Pictures
  4. Scream (2022) — Paramount
  5. Ghostbusters: Afterlife — Sony Pictures
  6. Spider-Man: No Way Home — Sony Pictures/Marvel
  7. Dog — MGM
  8. The Matrix Resurrections — Warner
  9. Moonfall — Lionsgate
  10. The 355 — Universal

 

Follow us on Instagram!