By : Chris Tribbey | Posted: 05 Nov 2009
Redbox parent Coinstar Nov. 5 reported profit of $41.1 million on revenue of $296 million for the three-month period ended Sept. 30, in large part thanks to a 75% increase in the number of Redbox kiosks year over year, and a 26% jump in per-kiosk revenue, compared to the same three months in 2008.
At the end of the quarter 20,600 Redbox kiosks were deployed, Coinstar reported, and during one Friday-Saturday period during the quarter, 3.2 million DVDs were rented from the machines. DVD revenue for the quarter was $198.1 million.
“Nearly 200 million consumers will be walking by our kiosks every week,” Coinstar CEO Paul Davis told investors in a conference call. “Our customers have consistently told us they want to try before they buy. Conversion to purchase for Redbox consumers is about 10% higher than other rentailers.”
For the full year, Redbox is predicting revenue north of $1.1 billion.
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