Redbox is revving up to take on Netflix with an online streaming movie service, according to an LA Times report.
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The operator of DVD and video game rental kiosks is reportedly preparing to offer a subscription-based streaming service that would work over the Internet, similar to the offerings of Netflix (NASDAQ:NFLX).
Redbox President Mitch Lowe said the company will let users rent through the kiosks and stream movies to several devices all for a flat monthly fee, according to the report.
Redbox isn't the only company trying to cash in on online streaming video.
Recently, Netflix began offering a streaming-only plan, as the company's CEO Reed Hastings said it is "now primarily a streaming video company."
Also possibly planning to launch a subscription streaming service is Amazon.com (NASDAQ:AMZN). The Financial Times recently reported the online retailer would bundle it with its Amazon Prime program, which lets customers pay one yearly fee to get fast shipping on unlimited purchases.
A subsidiary of CoinStar (NASDAQ:CSTR), Redbox has kiosks at supermarkets, drug stores, and retail stores like Wal-Mart all around the U.S.