Redbox Instant to Launch 'in Time for the Holidays' (CSTR) (VZ) (NFLX) (AMZN)
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Netflix (Nasdaq: NFLX) and Amazon.com (Nasdaq: AMZN) are trading lower on the session amid comments from Verizon's (NYSE: VZ) VP Eric Bruno today, with Bruno stating that Verizon and Coinstar's (Nasdaq: CSTR) video service collaboration will roll out in time for the holidays.
The service, dubbed Redbox Instant, is currently being tested in the homes of 500 Verizon employees.
Users will be offered a subscription plan or given the ability to pick-and-choose movies they want to watch. With the subscription plan, subs will also be offered a certain amount of DVD rentals from Redbox locations each month, though that number hasn't been determined.
At launch, the service will focus mainly on newer films that have been available for sale and rental.
Shares of Netflix are down about 1.6 percent, while Amazon is just over 1 percent lower in late trading.
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The service, dubbed Redbox Instant, is currently being tested in the homes of 500 Verizon employees.
Users will be offered a subscription plan or given the ability to pick-and-choose movies they want to watch. With the subscription plan, subs will also be offered a certain amount of DVD rentals from Redbox locations each month, though that number hasn't been determined.
At launch, the service will focus mainly on newer films that have been available for sale and rental.
Shares of Netflix are down about 1.6 percent, while Amazon is just over 1 percent lower in late trading.
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