Redbox to rent video games
Starting Friday, renters can get video games in addition to Redbox's traditional movie offerings.
Starting Friday, the company will begin renting video games at 21,000 stores across the United States, the Associated Press reports. The games will rent for $1.50 a day. Redbox already charges $1 to $2 to rent DVD movies for a day.
Redbox has been testing video-game rentals since 2009. The move gives the company an advantage over Netflix, which doesn't rent video games. Some of the games available at Redbox will include "Call of Duty: Black Ops" and "LA Noire."
Only the top three consoles -- the Nintendo Wii, the Xbox 360 and the PlayStation 3 -- will get games from Redbox. The Nintendo DS, as of now, will be overlooked, VentureBeat reports. Coinstar shares closed up 1% today to $47.26.
Gamefly has led the way so far with rent-by-mail video games. Will Redbox annihilate the company? Since Redbox hasn't hurt Netflix's business, VentureBeat guesses Gamefly may be OK.
By the way, why did Citigroup (C) upgrade Netflix to a $300 price target? The stock closed at $249.90 today. The bank's analyst explains the move in the following video:
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Investors are anxious to see if hiring can maintain its strong pace in the second half of the year.
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