Chicken Soup for the Soul reports record TVoD week
April 6, 2023
Chicken Soup for the Soul Entertainment has announced that the company had the largest Transactional Video-on-Demand (TVoD) revenue week in the company’s history. The Redbox streaming platform hit record revenue in the US with the premium release of Avatar: The Way of Water and the premiere of Creed III. The simultaneous release of Plane at the kiosk and standard VoD also contributed to this success. Redbox kiosks also saw rentals grow dramatically, driven by the beginning of the return of new movies being added to kiosks on a consistent basis. New release rental titles in kiosks rose 102 per cent for a rolling three-month period. The company expects this momentum to continue throughout the year due to major release titles such as 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 among many others. Chicken Soup for the Soul Entertainment’s owned-and-operated platforms – Crackle, Redbox, and Chicken Soup for the Soul, have seen a 50 per cent increase in Monthly Active Users (MAU) to a total of 60 million.
“We’ve had a record-breaking start to the year driven by what we’ve long expected – big movies are beginning to come back,” said William J. Rouhana Jr., chief executive officer of Chicken Soup for the Soul Entertainment. “We see success across many of our business areas, including our record TVoD week, a meaningful increase in kiosk rentals, and the growth of our AVoD monthly active viewers to 60 million. As the year progresses, we will see even more movie titles come into the pipeline. More movies mean more rentals and more revenue. As previously announced, we reiterate our guidance for the year of $500 million of revenue and $100 – $150 million in Adjusted EBITDA.”