Title: Citing the Durbin Amendment, Coinstar Raises Price of Redbox Rentals
Description: Effective today, the price for renting a redbox standard definition DVD is increasing to a $1.20 daily rate from $1.00.
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BELLEVUE, Wash. ? Last week Coinstar Inc. announced financial results for the third quarter and nine months ended September 30, 2011, and in addition, a 20-cent increase in standard definition DVD rentals at its redbox movie-rental kiosks.
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?We delivered another strong quarter with growth at the top and bottom line," said Paul Davis, CEO of Coinstar. ?Our redbox business alone passed $1 billion dollars in revenue year to date and became the leading renter of DVDs by staying focused on delivering great value and convenience to our consumers.?
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The company also announced that effective today, the price for renting a redbox standard definition DVD is increasing to a $1.20 daily rate from $1.00. The prices for Blu-ray format movie rentals and for video game rentals won?t change and the daily rates will continue to be $1.50 and $2.00, respectively.
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?We remain committed to providing redbox consumers access to the latest movies at an incredible value,? said Davis. ?This marks the first price increase for a redbox standard definition DVD rental in eight years. The change is primarily due to the increase in operating expenses, including the recent increase in debit card interchange fees as a result of the Durbin Amendment.??
Content Subject: Corporate
Formatted Article Date: October 31, 2011
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