Scalper1 News
The Redbox Instant joint venture between Outerwall (OUTR), the operator of Redbox DVD rental kiosks, and Verizon Communications is rumored to be coming to an end. The subscription service, which combined Redbox DVD rentals and Verizon streaming video, was launched in March 2013 in response to the growth of Netflix (NFLX) in the home video market. But the service never caught on with consumers. Gigaom reported on Monday that Redbox Instant is close to being shut down. It said the video service disabled sign-ups for new users three months ago because of a credit card fraud issue and hasn’t reopened its doors to new customers since. Also, existing customers have complained on social media that their service was terminated when they couldn’t update their payment information when their credit cards expired. A Verizon (VZ) spokesman declined to comment on the reports about Redbox Instant. Outerwall (OUTR) did not respond to requests for comment as of this posting. Scalper1 News
Scalper1 News