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HOLLYWOOD, CA and OAKBROOK TERRACE, IL (June 15, 2010) -Paramount Home Entertainment Inc. (PHE) and Redbox Automated Retail, LLC (redbox), today announced that Paramount exercised its option to extend its revenue sharing license agreement, providing redbox access to PHE DVD and Blu-ray titles to rent at its approximately 22,000 kiosk locations on the same day they are released in the sell-through market. PHE exercised its option following results from a 10-month analysis of DVD sell-through and rental performance.
“After analyzing the data from our test period we have concluded that redbox day-and-date rental activity has had minimal impact on our DVD sales,” said Dennis Maguire, Worldwide President of Paramount Home Entertainment. “By granting redbox day-and-date availability we are allowing the consumer a choice of how to consume our movies while maximizing the profitability of our releases in the home entertainment window. We are looking forward to continuing a productive and mutually beneficial relationship with redbox.”
“We are delighted to continue our relationship with Paramount to provide consumers with convenient, timely and affordable access to their favorite movies,” said Mitch Lowe, president, redbox. “We look forward to supporting Paramount movie releases through joint marketing programs. This arrangement is a win, win and win – for consumers, Paramount and redbox. ”
Redbox and PHE first signed a trial license agreement in August 2009, with redbox agreeing to provide PHE rental data to evaluate the potential benefits of a longer term contract.
GAME CHANGER? Paramount & Redbox Enter Pact To Release Day And Date In The Sell-Through Market After 10-Month Test
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Thank you home ent for the memories. It was great while it lasted.
Excellent news! Studios trying to fight Redbox need to get a clue. No matter how hard you try to fight it, the consumer doesn’t give a shit about plunking down $20 on a dvd when they can either get a pirated copy day and date or wait the 30 days. Blew-ray is even more of a joke. People are not wasting their money to keep these shitty movies in their collection. Classics, yes, but most of the movies out today are only worth a dollar to rent and not even worth the two hours of your life to watch them.
Either get on the Redbox train or let it pass you by.
When will someone impose a moratorium on the term “game changer”? This has to be the most overused expression in the industry right now.
Tod H., your comment is a game changer.
Of course it had little impact on sales of DVDs. The people who will rent $1-a-day movies are probably not the people who are going to spend money purchasing DVDs.
Otherwise known as pretty much everyone.
Most households face declining income. Entertainment is discretionary. So Redbox is the winner and $20 DVDs (more for Blu-Ray) is the loser.
Hollywood better get mass-market (and a lot, lot cheaper) because the days of easy DVD money are over.
This is a smart move by Paramount, because one of the prime purposes of DVD rentals these days is not just for the DVD money, but being able to promote several upcoming theatrical releases. If viewers have to wait four weeks for the DVD, then Paramount or whatever other studio has just lost four weeks of promotional opportunity to plug their new movies. This has nothing to do with providing “convenient, affordable access,” but it has EVERYTHING to do with timeliness in promoting new movie releases.
no thanks. i’ll stick with Netflix.
I’ll second what carg0 said… A day late and a dollar short!
This is a no-brainer – with some of the studios holding back for a 28-day window,wasn’t it likely that others would go day-and-date?
Paramount made a good decision here. Desperately clinging to the distribution methods of the past didn’t work out so well for the record business, did it? The movie biz is no different. Get it while you can – those revenue streams will dry up quick.
By the way, could anybody have predicted 10 years ago that vending machines and the U.S. Mail would help kill the movie business?
They’re installing them in dorms. Smart.
-RnsW
How much does the studio make on a $1.00 rental?
If only Fox, Universal, and WB had this kind of wisdom.
Speaking of Netflix, why doesn’t this apply to them as well? I know they are a bigger game, but doesn’t this sound lopsided?
Legitimate streaming is the game changer. I don’t want to amass a DVD/BR collection. I’m done with buying movies that I only see once.
I love Netflix, although I prefer 100% streaming.
I’ll pay for streaming rentals if ONLY they allow for 3 day rentals. 24 hour rentals are a waste of money. Why should streaming a movie be a worse deal than renting a DVD for 3 days?