Previously due for launch on December 17th, on Tuesday Verizon CEO Lowell McAdam said that the upcoming Redbox Instant video-streaming service has been pushed back to an early 2013 launch date. The announcement stunned analysts as the joint venture service between Verizon and Redbox parent-company Coinstar just laid out subscription costs for consumers.
The service, known as Redbox Instant is still in beta and the only people who have access to the service is Verizon and Redbox employees. While Verizon appears to be pleased with the results of the beta, they now believe the service needs a few more weeks of testing before it opens up a limited beta to the public by January of next year.
“It opens up a whole new market,” McAdam said about the importance of the new business venture. “We’re cautiously optimistic.” When the new service makes its debut sometime early next year it will be yet another addition to the market for consumers who may be tired of Netflix and Hulu, the two largest video-streaming providers in the industry.
Verizon feels that it will be placing itself right into the action with the new partnership with Coinstar and believes they will be able to stand on their own against the competition. The service is aiming to be more affordable than any other streaming provider currently available, and consumers will also have the ability to rent on-demand movies for just $0.99 if they don’t have a monthly subscription.
When the service does launch it should be available on a variety of platforms, including smart phones, tablets, gaming consoles and internet connected devices like televisions and blu-ray players.