Unable to make headway in competing against Netflix, Verizon Communications and Outerwall's Redbox unit said Saturday they will shut down their streaming-media joint venture early next week.
Outerwall (then called Coinstar) and Verizon formed Redbox Instant by Verizon in February 2012, with Verizon owning 65% of the JV. The companies debuted the service in March 2013. Under the most recent subscription plan, the $6 monthly service provided access to several thousand movies, as well as rentals and purchases of select titles.
But it never took off, given limited content selection, and now the Redbox Instant by Verizon service is slated to shut down on Tuesday, Oct. 7, 2014, at 11:59 p.m. Pacific, according to the companies.
"The service is shutting down because it was not as successful as we hoped it would be," the companies said in a statement on the Redbox Instant by Verizon website. "We apologize for any inconvenience and we thank you for giving us the opportunity to entertain you."
The companies said they will provide a one-month subscription fee refund to customers who will have received only a partial month of service through Oct. 7.
Separately, Verizon is acquiring programming rights for a planned wireless TV service that it's looking at launched in mid-2015. The telco on Wednesday announced a deal with Viacom, under which Verizon has national rights to distribute the media conglom's programming.
© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC
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