DVDs are dying right as streaming has made them appealing again
You don't know what you've got till it's gone.
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Redbox shutting down
Chicken Soup for the Soul Entertainment, which owns Redbox, filed for
chapter 11 bankruptcy on June 29. But on Wednesday, Judge Thomas M.
Horan of the US Bankruptcy Court for the District of Delaware approved
a conversion to chapter 7, signaling the liquidation of business, per
Deadline. Redbox's remaining 24,000 kiosks will close, and 1,000
workers will be laid off (severance and back pay eligibility are under
review, and a bankruptcy trustee will investigate if trust funds
intended for employees were misappropriated).
Chicken Soup bought Redbox for $375 million in 2022 and is $970
million in debt. It will also be shuttering its Redbox, Crackle, and Popcornflix streaming services.
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It's sensible for businesses to shift from physical media sales. Per
CNBC's calculations, DVD sales fell over 86 percent between 2008 and
2019. Research from the Motion Picture Association in 2021 found that
physical media represented 8 percent of the home/mobile entertainment
market in the US, falling behind digital (80 percent) and theatrical
(12 percent).
https://arstechnica.com/gadgets/2024/07/dvds-are-dying-right-as-streaming-has-made-them-appealing-again/
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