Verizon has formed a joint venture partnership with Coinstar’s Redbox division with the aim of launching a DVD + video-on-demand streaming and download entertainment service. The joint venture plans to debut in the second half of 2012. The venture plans to offer subscription services to consumers across the U.S. by leveraging Verizon’s industry-wide relationships with entertainment content providers, its cloud computing technologies and state-of-the-art IP network infrastructure to distribute video on-demand content Additional brand and product information will be revealed in the coming months.
“When you consider the core elements the parties bring to this venture – our powerful brands; our national rental kiosk footprint; our anytime, anywhere network presence; and our mutual commitment to customer-focused innovation – it’s clear that Verizon and Redbox are a powerful entertainment team,” said Bob Mudge, president of Verizon consumer and mass business markets.
The joint venture is a limited liability company with Verizon holding a 65 percent ownership share and Redbox holding a 35 percent ownership share at the outset.
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