Long-time DVD rental service Redbox is closing after 22 years, following parent company Chicken Soup for the Soul Entertainment’s (CSSE) bankruptcy filing last month.
The closure aligns with the industrywide shift away from physical media amidst the rise of digital streaming services. Throughout the 2010s, the emergence of platforms like Netflix and Hulu led to a decline in DVD sales, effectively displacing the traditional DVD rental market.
Redbox was once an innovative force in Hollywood, offering more affordable DVD rental options than buying a physical copy. In 2022, the company had $325 million in debt before being purchased by CSSE, according to NBC.
Redbox's struggles are not exclusive; other physical media companies have also faced difficulties adapting to the meteoric rise of streaming services. Major retailers like Best Buy have reportedly ceased selling physical media such as DVDs and Blu-rays.
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