Redbox Revenue Slides: Blames One-night Renters

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Given the easy availability of software allowing users to make copies of movies they rent and view them at a later time on mobile devices or on their TV sets, it probably came as no surprise when kiosk renters Redbox on Monday lowered its financial projections and attributed its reason for doing so to consumers who are returning their discs after just one night out. Redbox said that it expects the average rental to drop as much as 9 cents in the third quarter, which ends Sept. 30. It also said that it expects around 6.5 million fewer rentals in the fourth quarter. Redbox expressed disappointment with the result, particularly inasmuch as it didn't have to contend with competition from the Olympics this year as it had in 2012. Shares in parent company Outerwall (formerly Coinstar) plummeted 20 percent following the news



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