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Verizon, Redbox to challenge Netflix with new video service

One day after Netflix unveiled its first original series, Verizon and Coinstar announced a long-rumored joint venture, combining a new video download and streaming service from Verizon with Coinstar's popular Redbox kiosk rentals of DVDs, Blu-rays and video games. The service will launch in the second half of 2012. The companies say it will be national and available to non-Verizon customers as well.

The alliance will mark Verizon's first foray into video streaming outside its network operating region as the telephone company so far only offers Web video services to subscribers using its FiOS TV service which competes with cable providers like Comcast Corp and Time Warner Cable.

"Verizon is embracing streaming, a platform that many view as a disruptive force in our industry, as a great opportunity for innovation and leadership," Bob Mudge, president of Verizon consumer and mass business markets, said. "By teaming with Redbox, we deliver the kind of consumer-empowering service that customers expect from companies like ours."

Verizon and Coinstar didn't reveal prices or other details of their service.

"We're in negotiations right now (and) finalizing," Bob Mudge added. "I feel very confident we'll have a wide set of digital distribution content."

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