Streaming Services Wipe Out Red Box – Doing a Job on Cable Too
This appeared today on wikipedia regarding the Redbox parent company, “On July 10, 2024, a bankruptcy judge ordered to convert Chicken Soup for the Soul’s Chapter 11 bankruptcy into a Chapter 7 bankruptcy liquidation after accusing the company’s previous CEO of misusing the business and failing to pay employees or support healthcare. With the Chapter 7 conversion, the company’s assets will be liquidated, resulting in the cessation of its subsidiaries, including Redbox. In addition, over 1,000 employees will be laid off and over 26,000 Redbox kiosks will shut down permanently.” There were a number of Redbox kiosks in the Greater Gardner area.
Cable TV companies have increasingly been impacted by customers switching services to less expensive streaming companies. From Sling TV at $40 per month to more expensive services such Hulu Live TV, Fubo, or YouTube TV, customers get some or all of the channels previously available on cable.
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