Looks like Physical Movie Rental are almost gone

[Bruce]

The last main one, Redbox, is having Revenue issues due to not enough people renting disc anymore.

They put themselves up for sale last October, no takers.

By the way, I still do purchase some movies on 4K Disc, be sad to see it go, but technology moves forward.

Redbox’s Parent Company Saw Revenues Drop 75% in the 1st Quarter of 2024 Year Over Year | Cord Cutters News

Chicken Soup For The Soul is the parent company behind Redbox, Crackel, and the streaming service by the same name. Recently the company has been hit hard by the decline in ad revenue on its free streaming services and the drop in DVD rentals at its Redbox locations. This has led to the company...

cordcuttersnews.com

 

[comfortably_numb]

I never see anybody at the Redbox here in town. It's right outside the Dollar General.

 

[comfortably_numb]

PS- who's spell checking AI??

 

[ncted]

PS- who's spell checking AI??

View attachment 171513

No one. Maybe AI will eliminate the need for copy editing since it isn't done anymore anyway, but I doubt it. The empire is falling, and this is just one symptom.

 

[Bruce]

The last main one, Redbox, is having Revenue issues due to not enough people renting disc anymore.

They put themselves up for sale last October, no takers.

By the way, I still do purchase some movies on 4K Disc, be sad to see it go, but technology moves forward.

Redbox’s Parent Company Saw Revenues Drop 75% in the 1st Quarter of 2024 Year Over Year | Cord Cutters News

Chicken Soup For The Soul is the parent company behind Redbox, Crackel, and the streaming service by the same name. Recently the company has been hit hard by the decline in ad revenue on its free streaming services and the drop in DVD rentals at its Redbox locations. This has led to the company...

cordcuttersnews.com

Almost dead-

In the latest sign of trouble for Redbox parent Chicken Soup for the Soul Entertainment, the company’s employees say they have not been paid in nearly a week and their medical benefits have been suspended.

Eight current workers, all of whom wished to remain anonymous out of fear of retaliation, provided Deadline with a glimpse inside the struggling company, supporting their assertions with a raft of internal emails. A number of frustrated workers have also started to vent in Reddit forums and across social media.

One senior executive said no updates about the status of pay have been provided since last Friday, when workers were warned that direct deposit would hit over the weekend or on Monday instead of the scheduled time on Friday. “We haven’t heard anything over the past couple of days,” the senior executive told Deadline. “Initially, they said checks would go out Tuesday at the latest. And now here we are.”

After several days without word from CEO Bill Rouhana, after initial publication of this article Wednesday evening, he emailed employees but not with any definitive news about the payroll or benefits. Acknowledging that the limbo state “has caused incredible frustration and anxiety,” he said he and members of the management team have been “working nonstop” to close a financing arrangement that will allow cash to resume flowing. They “hope” to fund the delinquent payroll by Monday, Rouhana said, promising an update by Friday, with benefits “expected” to be reinstated in two weeks.

Or, keep delaying to keep the employees on until they file for Chapter 7.

Based on this, no way Chapter 11 will work, they basically have no future-

In an SEC filing earlier this month, the company said its net losses widened to $636.6 million in 2023 from $111.2 million in the prior year. A failure to secure additional financing, the company said, “will likely require us to diminish or halt operations and seek protection under applicable bankruptcy laws.”

The stock closed Wednesday at just 21 cents.

Troubled Redbox Parent Chicken Soup For The Soul Entertainment Is Nearly A Week Late Paying Employees; Medical Benefits Also Cut

Chicken Soup for the Soul Entertainment staff says they did not receive their last paycheck from the company, which has suspended health care benefits.

deadline.com

 

[AZ.]

Still have one in front of our Walgreens, see people there often enough. My guess if you have limited internet, those places will still flourish?

 

[telstar_1]

Still have one in front of our Walgreens, see people there often enough. My guess if you have limited internet, those places will still flourish?

More like maybe limp by. If they can barely make payroll this week, what of the future?

What is their streaming service? Redbox? Crackel?

 

[AZ.]

More like maybe limp by. If they can barely make payroll this week, what of the future?

What is their streaming service? Redbox? Crackel?

Its a RedBox.

 

[comfortably_numb]

Its a RedBox.

They also have a streaming service.

 

[Bruce]

They also have a streaming service.

It is not a good one, where you can rent some Grade C and under type movies, then the worse FAST service I have seen.

I searched for newer movies, like Godzilla x Kong or Dune 2…nothing.

Even the newer movies at the kiosk, still shows Barbie at one of the newest.

https://www.redbox.com/browse/new-releases

 

[FTA4PA]

Years back we used to love Redbox and rented there a lot. As time went by and we tried to rent movies there they never had copies available of new titles that had been released - maybe too many slots filled up with the game rentals they did back then? Stopped renting there for several years.

Recently we tried them again and reserved a movie online for pickup. The machine did not work when we got there and we had to call for a refund as our card had already been charged. Not very good service!

 

[klang]

Around here there are Redbox machines at most grocery and convenience stores. I haven't used one in years but I do see traffic at them.

 

[Ronnie-]

There was one at our local Walgreens, but since I never rent physical media, I have no idea if its used often or not.

IF I had to guess, I would say not. The town has gig cable available, and the power company ran fiber to every house with a meter in the last year or two, so everyone has fast internet in the county.

 

[Jimbo]

Around here there are Redbox machines at most grocery and convenience stores. I haven't used one in years but I do see traffic at them.

I see them at the Local Kroger stores, but don't know how often people use them.

Mostly taking up space.

 

[navychop]

I don’t use them, but will miss them. Maybe a HUGE sale is coming!

I expect the failure to pay wages has the attention of many government entities.

 

[comfortably_numb]

I expect the failure to pay wages has the attention of many government entities

I hope so. I'm also concerned about the suspension of medical benefits. If they have over 50 employees, they're required by law to provide health insurance.

 

[Bruce]

I hope so. I'm also concerned about the suspension of medical benefits. If they have over 50 employees, they're required by law to provide health insurance.

If they are having that much trouble, doubtful they care, it is a obvious Chapter 7 incoming.

 

[navychop]

Oh, I think they’ll care. The investigation alone will be a very unpleasant experience.

 

[Bruce]

And they filed Chapter 11…..good luck with that.
The company relayed news of the Delaware court filing in a message to employees in the early hours of Saturday.

“Overnight we filed for Chapter 11 bankruptcy protection,” the message said. “In connection with the filing, we have applied for approval of a debtor in possession [DIP] loan. Upon court approval, we expect payroll to be funded early in the week and funding for this upcoming week’s payroll to also be secured. We also expect to have the funds to reinstate medical benefits back to May 14, 2024 and going forward. We will provide regular updates.”

It will now be up to a Delaware bankruptcy court to determine how the company moves forward and whether it can come out on the other side.

Redbox Owner Chicken Soup For The Soul Entertainment Files For Chapter 11 Bankruptcy Protection

After months of financial struggles, Redbox parent Chicken Soup for the Soul Entertainment has filed for Chapter 11 bankruptcy protection.

deadline.com

 

[KAB]

Really surprised they did not capitulate 6 months ago. The writing on the wall was ALL CAPS!