Chicken Soup for the Soul Entertainment Adds 1,500 Redbox Kiosks at Dollar General Stores

Rhea-AI Summary

Redbox, a subsidiary of Chicken Soup for the Soul Entertainment, has announced a significant expansion of its partnership with Dollar General (DG). The plan includes adding 1,500 Redbox kiosks over the next two years, increasing the total to over 5,000 kiosks by the end of 2024. This expanded access aims to cater to value-conscious consumers, especially as the demand for DVD rentals is expected to rise with the release of 39 major films in 2023, including titles like Spider-Man: Across the Spider-Verse and Guardians of the Galaxy Vol. 3. The expansion represents a strategic move to provide affordable entertainment options to millions of Americans amidst economic challenges.

Positive

• Expansion of Redbox kiosks to over 5,000 by end of 2024, enhancing market presence.
• Partnership with Dollar General strengthens access to value-conscious consumers.
• Expected growth in DVD rentals with the release of 39 major films in 2023.

Negative

• None.

Capitalizing on the resurgence of blockbuster movies, partnership gives Dollar General customers fast access to the newest titles

Total number of Redbox kiosks at Dollar General locations expected to surpass 5,000 by end of 2024

DVD rentals are expected to significantly grow with an expanded theatrical slate of 39 major films this year, including Spider-Man: Across the Spider-Verse, Guardians of the Galaxy Vol.3, and Transformers: Rise of the Beasts

COS COB, Conn.--(BUSINESS WIRE)-- Redbox, a Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE) company – one of the largest providers of premium content to value-conscious consumers, today announced it signed an expanded partnership agreement with Dollar General Corporation (NYSE: DG) to add 1,500 Redbox kiosks over the next two years. This will bring the number of Redbox kiosks at Dollar General to over 5,000 locations by the end of 2024, giving customers faster access to the newest movies.

“Dollar General has been an incredibly important strategic partner for Redbox, as we both serve value-conscious customers,” said William J. Rouhana, Jr., chief executive officer of Chicken Soup for the Soul Entertainment. “As the economy continues to challenge and impact consumers, expanding Redbox’s kiosks nationwide with Dollar General will provide millions of Americans additional access to more affordable entertainment.”

The Redbox kiosk expansion comes when theatrical releases are rapidly increasing. In 2023, over 39 major films are slated to be released, including the latest installments from major franchises such as Spider-Man: Across the Spider-Verse, Guardians of the Galaxy Vol.3, Fast X, Mission: Impossible – Dead Reckoning Part 1, Transformers: Rise of the Beasts, Indiana Jones and the Dial of Destiny, and more. These titles and many others will be available in Redbox kiosks shortly after their theatrical run.

About Chicken Soup for the Soul Entertainment

Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) provides premium content to value-conscious consumers. The company is one of the largest advertising-supported video-on-demand (AVOD) companies in the US, with three flagship AVOD streaming services: Redbox, Crackle, and Chicken Soup for the Soul. In addition, the company operates Redbox Free Live TV, a free ad-supported streaming television service (FAST), with over 160 channels as well as a transaction video on demand (TVOD) service, and a network of approximately 32,000 kiosks across the US for DVD rentals. To provide original and exclusive content to its viewers, the company creates, acquires, and distributes films and TV series through its Screen Media and Chicken Soup for the Soul TV Group subsidiaries. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name.

Forward-Looking Statements and Available Information

This press release includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that are not historical facts. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Such assumptions involve a number of known and unknown risks and uncertainties, including but not limited to risks relating to our core strategy, operating income and margin, seasonality, liquidity, including cash flows from operations, available funds, and access to financing sources, free cash flows, revenues, net income, profitability, stock price volatility, future regulatory changes, price changes, ability to achieve and sustain market acceptance of our content streaming services and other content offerings, ability to recruit and retain officers, key employees, or directors, ability to protect our intellectual property, ability to complete and integrate into our existing operations future strategic acquisitions, ability to manage growth, ability to pay dividends and our debt obligations, as well as evolving regulatory or other operational risks, and risks presented by changing general market conditions impacting demand for our services. For a more complete description of these and other risks and uncertainties, please refer to Item 1A (Risk Factors) in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements contained in this press release. Information regarding the acquisition of Redbox and related transactions is qualified by reference to the Company’s Current Reports on Form 8-K filed with the SEC on May 11, 2022 as amended May 12, 2022, June 6, 2022, August 12, 2022, November 14, 2022 and thereafter from time to time, and all exhibits filed with respect to such reports. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005612/en/

(PRESS)

Peter Binazeski

Chicken Soup for the Soul Entertainment

pbinazeski@chickensoupforthesoul.com

(INVESTOR RELATIONS)

Zaia Lawandow

Chicken Soup for the Soul Entertainment

zlawandow@chickensoupforthesoul.com

Source: Chicken Soup for the Soul Entertainment

FAQ

What is the significance of the partnership between Redbox and Dollar General?

The partnership aims to expand Redbox's presence by adding over 1,500 kiosks at Dollar General locations, facilitating faster access to movies for consumers.

How many Redbox kiosks will be available at Dollar General by the end of 2024?

By the end of 2024, over 5,000 Redbox kiosks are expected to be available at Dollar General locations.

Which major films are expected to boost DVD rentals in 2023?

Expected films include Spider-Man: Across the Spider-Verse, Guardians of the Galaxy Vol. 3, and Transformers: Rise of the Beasts.

What is Chicken Soup for the Soul Entertainment's stock symbol?

The stock symbol for Chicken Soup for the Soul Entertainment is CSSE.