Redbox to Raise DVD Rental Prices
Movie night at home seems to be getting more expensive by the day. No more $1 movie rentals at a Redbox near you. Redbox, famous for it’s simple $1 per night DVD rental kiosks throughout the US is raising prices. We’ve seen this before. Recently, rival Netflix lost over 800,000 members because of it’s major price hikes. Now Coinstar, the parent company of Redbox, is announcing it will increase it’s DVD rental prices.
Redbox is raising its prices for renting a standard DVD by 20 percent beginning Monday. The new price will be $1.20 per day, instead of the current $1 daily rate.
That’s not as much of a shock as the price increases of as much as 60 percent that Netflix imposed on its subscribers last month. Still, the possibility that Redbox might be driving away some renters seemed to spook investors as Coinstar Inc.’s stock plunged by more than 12 percent despite a quarter that was better than Wall Street anticipated.
[ via Huffington Post ]
For more information on the price increase, Redbox has posted information on their website. According to that information and Redbox’s Twitter account, the $1.20 per night DVD rental price will take effect on Halloween, October 31, 2011.