Verizon and Redbox Partnership to Offer Netflix Alternative
>By Chris West
It was announced today that Verizon and Coinstar Inc. (owner of Redbox kiosks) have formed a partnership. It is their goal to bring consumers a simple and affordable way to access the media they’re looking for. This new service would offer instant access to online and mobile content, and immediate access to physical media through kiosks.
The idea behind the partnership can be seen illustrated in the info-graphic released by the companies, below.
The new service is set to be released in the second half of 2012. Verizon will have control over this new venture, taking 65% ownership. More details about the brand and product information will be released in the coming months.
Bob Mudge, President of Verizon Consumer and Mass Business Markets:
“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.”
“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.”
“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.”
Paul Davis, Chief Executive Officer of Coinstar, Inc:
“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.”
“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.”