Even after a consumer rebellion following a controversial Netflix price increase earlier this year, another movie rental service has announced a price hike, according to The Hollywood Reporter.
The rental-kiosk service Redbox will boost its standard DVD rental fee by 20% starting on Monday, the story reports.
The move comes after Netflix has suffered with a sharp decline in its share prices in the weeks after it announced its price increase. Coinstar, which owns Redbox, also saw a share drop, with its stock price declining more than 12% in after-hours trading Thursday, the story says.
Redbox’s new price will be $1.20 a day for DVD rentals, compared with $1 a day previously. The higher fee is needed to meet rising operating expenses, the story says.