--- title: Redbox just IPO’d, and it’s out to prove there’s more than meets the kiosk - The Hustle description: Redbox, operator of everyone’s favorite DVD kiosks, IPO’d this week, and wants to prove that it can grow beyond DVD rentals. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/956387077-News-Brief_2021-10-27T223157.937Z.webp --- # Redbox just IPO’d, and it’s out to prove there’s more than meets the kiosk ![Rob Litterst](https://thehustle.co/wp-content/uploads/2023/01/Rob-Litterst-pic.png?width=48&height=48&name=Rob-Litterst-pic.png) [Rob Litterst](https://hs-sbup.thehustle.co/author/rob-litterst) [Rob Litterst Twitter profile ](https://twitter.com/robbylit) Published: October 28, 2021 Updated: October 11, 2023 We’ve all been there — marching out of a 7-Eleven, slurpee in hand, when you see it glowing in the distance: the Redbox kiosk, like a lighthouse in the storm of your Friday night. ![Redbox just IPO’d, and it’s out to prove there’s more than meets the kiosk](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/956387077-News-Brief_2021-10-27T223157.937Z.webp?width=595&height=400&name=956387077-News-Brief_2021-10-27T223157.937Z.webp) The company, a relic of our pre-streaming past, hit the public markets this week in a SPAC deal that [raised](https://variety.com/2021/digital/news/redbox-public-offering-closes-spac-deal-1235095923/) **~$88m**, per *Variety*. #### **The move marks a new era for the kiosk king of DVD rentals** Which is timely — according to Nielsen, DVD and Blu-ray player ownership [dropped](https://www.mediaplaynews.com/dvd-blu-ray-disc-player-ownership-continues-to-decline/) from 90% in 2008 to 67% in 2018 (and only 57% among people ages 18 to 34 — a coveted demographic for advertisers). While Redbox still operates **~40k **kiosks, it’s [broadened](https://deadline.com/2021/10/redbox-stock-jumps-first-day-of-trading-1234862075/) its offering to better fit modern consumption habits. New developments include: - **Redbox Entertainment:** Its production arm that acquires and releases a variety of genre movies at modest budgets - **Redbox Free Live TV:** An ad-supported channel that launched in February 2020 and has reached **1m** monthly active viewers - **Redbox On Demand:** A streaming service that offers free viewing and the ability to rent or buy a list of titles Together, the new offerings help Redbox work toward its goal of becoming a one-stop shop for entertainment. #### **But Redbox isn’t dumping its DVD collection quite yet** In December 2020, the firm launched Redbox+, an annual subscription that lets customers [rent](https://www.redbox.com/redbox-plus) 12 to 24 DVDs at a time. CEO Galen Smith says its hybrid approach makes Redbox unique compared to digital-only companies that never actually turn a profit. Plus, given Gen Z’s [budding](https://mashable.com/article/nostalgia-on-tiktok) interest in early 2000s nostalgia, Redbox may have a hidden goldmine waiting in the wings. 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