Redbox Instant Can No Longer Compete With Netflix, Shutting Down

Redbox Instant has taken a backseat to streaming giants like Netflix as the $6 monthly service launching last year couldn't compete with its counterparts.

The streaming service will end Tuesday, Oct. 7 where Verizon Communications and Outerwall will now focus on their ever-popular kiosks.

"The joint venture partners made this decision after careful consideration," the companies explained in a statement. "The service had not been as successful as either partner hoped it would be."

Subscribers received an email today notifying them of the current shutdown. Refunds will be emailed on October 10.

Redbox Instant's website read, "In the meantime, you may continue to stream movies and use your Redbox kiosk credits until Tuesday, October 7 at 11:59 p.m. Pacific Time. We apologize for any inconvenience and we thank you for the opportunity to entertain you."

For Redbox Instant users this come as unhappy news. However, Netflix remains content, as they have allowed for another company to throw in the towel to movie and television streaming.

They must be doing something right.

The Netflix grip on streaming is a tight one, as they have begun to make deals with Hollywood the elite, such as Adam Sandler. The actor and Netflix currently signed a deal for four original Netflix movies to be specifically streamed thru them, no theatrical release needed.

Although Redbox Instant came and saw, they did not conquer, they just weren't cut out for the streaming world. Instead the company thrives at offering customers a smaller selection of on demand titles of DVD and Blu-ray films which ultimately ended the reign of Blockbuster.