• by Karlene Lukovitz  @KLmarketdaily, August 29, 2023

Redbox is expanding its Perks rewards program beyond movie rentals at its kiosks, to apply to titles rented or purchased through the Redbox’s streaming app/transactional video-on-demand (TVOD) program.

The app is available on numerous devices, including Roku, Vizio and Samsung TVs.

Points accrued by renting or purchasing movies can be exchanged for free rentals at Redbox’s 29,000 kiosks or discounts on more TVOD rentals or purchases.

The expanded rewards offering is available to Redbox Perks’ more than 40 million current members and new members, who are eligible for a free one-night rental at a kiosk or $2 off a movie rental through the Redbox streaming app.

“We have consistently heard from our members their eagerness to engage more with Redbox and enjoy the ability to redeem points physically and digitally,” stated Maura Gray, senior vice president of marketing for Chicken Soup for the Soul Entertainment (CSSE), which acquired Redbox Entertainment in August 2022.

The Redbox acquisition, for $50 million in stock and the assumption of $325 million in debt, contributed to disappointing Q2 2023 results for CSSE.

The company’s $79.9 million in revenue, while up from $37.6 million in the year-ago quarter, missed analysts’ expectations — and its net loss more than doubled, to $43.7 million, from $20.8 million in Q2 2022.

CSSE is focused on reducing its debt by cutting costs and developing new revenue streams, including selling advertising exposure on screens on its kiosks (shown above), through a new sales platform, Crackle Connex. Popular TikTok content is also being featured on the screens.

Earlier this month, CEO William J. Rouhana told Media Play News that CSSE is forming a strategic review committee, comprised of current board members, to consider a possible partnership or sale, with a decision expected “in a couple of months — maybe sooner.”