Redbox to Take Full Advantage of Strongest Theatrical Slate in Years
Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE) - one of the largest providers of premium content to value-conscious consumers, today announced the Company will be taking full advantage of the strongest theatrical slate in years. Over 40 major titles are expected to be available this year and early next year in approximately 34,000 Redbox kiosks and streaming through its Redbox Transactional Video on Demand (TVOD) and Electronic Sell Through (EST) platforms.
Beginning with the recent theatrical release of Ant-Man and the Wasp: Quantumania, the company expects at least one major theatrical release each week for the remainder of the year. This year's theatrical slate includes the latest installments from some of the highest-grossing film franchises in history, including Creed III, Scream VI, Shazam! Fury of the Gods, John Wick: Chapter 4, Guardians of the Galaxy Volume 3, Fast X, The Little Mermaid, Spider-Man: Across the Spider-Verse, Transformers: Rise of the Beasts, The Flash, Indiana Jones and the Dial of Destiny, Mission: Impossible - Dead Reckoning Part One, Barbie, The Marvels, Meg 2: The Trench, Teenage Mutant Ninja Turtles: Mutant Mayhem, The Equalizer 3, Dune: Part Two, The Hunger Games: The Ballad of Songbirds and Snakes, Wonka, Aquaman and the Lost Kingdom, Ghostbusters 5, among many others.
Redbox kiosks continue to be a destination for millions of consumers seeking the fastest access to the latest entertainment at the most affordable price. With this increase in major releases, the company will offer promotions to over 40 million Redbox customer loyalty program members to drive traffic to kiosks and digital platforms.
"After years of COVID-related delays and shutdowns, big movies are finally back in theaters. Our company is very well positioned to take full advantage of this massive slate of new release movies," said Bill Rouhana, CEO of Chicken Soup for the Soul Entertainment. "Between our kiosks and digital streaming services, we can monetize these windows and drive meaningful free cash flow. We will use some of that expected windfall to pay down debts and help to expand our operations."
The Company will also utilize its digital streaming platforms to offer these movies during premium windows. Premium Video on Demand (PVOD) and Premium Electronic Sell Through (PEST) will be offered in many cases right after the theatrical window - allowing the company to take advantage of studio marketing efforts for broad awareness.
Beginning in the early PVOD home entertainment window and subsequent VOD and DVD windows, Redbox customers generally enjoy the ability to rent major releases like these in just a matter of days or weeks following theatrical release. The expected theatrical releases for 2023 are:
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 34,000 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 books series and produces super-premium pet food under the Chicken Soup for the Soul brand name.
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 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, the ability of the Company's content offerings to achieve market acceptance, the Company's success in retaining or recruiting officers, key employees, or directors, the ability to protect intellectual property, the ability to complete strategic acquisitions, the ability to manage growth and integrate acquired operations, the ability to pay dividends, regulatory or operational risks, and general market conditions impacting demand for the Company's services. For a more complete description of these and other risks and uncertainties, please refer to Item 1A (Risk Factors) in the Company's Quarterly Report on Form 10-Q for the three- and nine-month period ended September 30, 2022, filed with the SEC on November 14, 2022. 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, and November 14, 2022, and all exhibits filed with respect to such reports and the aforementioned registration statement. 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.
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