A video streaming service that has been trying to compete with Netflix, Amazon and others is shutting down. TheWrap.com reports that Verizon and Redbox are pulling the plug on their joint venture Redbox Instant, with the shutdown set to take place Tuesday.
In a statement released Saturday, the companies said: “The joint venture partners made this decision after careful consideration. The service had not been as successful as either partner hoped it would be.”
Subscribers were being sent email notices of the shutdown, with additional details to follow about refunds.
“The intent was to build on Redbox’s solid walk-up kiosk rental service with the streaming option, but it couldn’t compete with higher-profile online rivals like Hulu Plus, Amazon.com and Netflix,” TheWrap notes.