Redbox Owner Chicken Soup For The Soul Entertainment Files For Chapter 11

[snowc]

No more movies from Redbox?! Go to the library instead for all movies.
FULL ARTICLE HERE

After months of financial struggles, Redbox parent Chicken Soup for the Soul Entertainment
has filed for Chapter 11 bankruptcy protection.
The company relayed news of the Delaware court filing in a message to employees in the
early hours of Saturday.
"Overnight we filed for Chapter 11 bankruptcy protection," the message said. "In connection
with the filing, we have applied for approval of a debtor in possession [DIP] loan. Upon court
approval, we expect payroll to be funded early in the week and funding for this upcoming
week's payroll to also be secured. We also expect to have the funds to reinstate medical
benefits back to May 14, 2024 and going forward. We will provide regular updates."

Also, pinging @noelbotevera as he mentions Redbox in his personal text.

[ZLoth]

Another nail in the physical media coffin.

No more movies from Redbox?! Go to the library instead for all movies.

The physical media collection at my local library is mostly 480i DVDs, although they have access to Kanopy for streaming media.

[vdeane]

Another nail in the physical media coffin.

The thing is, streaming is great for Redbox's niche (renting a movie or watching something you want to check out but might not care to re-watch).  What streaming is terrible for is for favorite shows/movies that one will want to watch again and again, since streaming is fairly ephemeral, especially for movies (which often only stay on a given service for a month or two unless they're originals).  Let's hope this doesn't cause the studios to pull back on physical releases, as I don't like losing access to favorites (or having to subscribe to several streaming services to keep them).  Even "buying" digital video on Amazon can have content removed.

[noelbotevera]

Boo! Guess I'll have to update my personal text.

I never used Redbox much, because I'd go to Blockbuster for buying/renting movies. After Blockbuster died, I probably rented from Redbox once or twice (probably a Harry Potter movie I missed? Dunno at this point); I think my dad preferred ordering DVDs from Netflix since they had a bigger selection than a Redbox kiosk. I remember Redbox didn't sell anime on DVD, at least around here, so you had to go to Blockbuster or Borders (which had the biggest DVD selection) for those.

At this point, I buy physical releases for curiosity's sake. I figure the smart way, which of course means no distribution company will ever do it, is to go all out with physical releases and market them for collectors. I'm talking full box sets, with "making of" or deleted scenes discs, a commentary track, and some knick knacks.

[ZLoth]

Another nail in the physical media coffin.

The thing is, streaming is great for Redbox's niche (renting a movie or watching something you want to check out but might not care to re-watch).  What streaming is terrible for is for favorite shows/movies that one will want to watch again and again, since streaming is fairly ephemeral, especially for movies (which often only stay on a given service for a month or two unless they're originals).  Let's hope this doesn't cause the studios to pull back on physical releases, as I don't like losing access to favorites (or having to subscribe to several streaming services to keep them).  Even "buying" digital video on Amazon can have content removed.

The studios have already been pulling back on physical releases since 2008, with Disney placing favor on the titles being on Disney+ to help drive subscribers. Some of their lesser-known and older catalog titles are being licensed out to "boutique" shops such as Criterion, Kino Lober, and Arrow.

As for titles disappearing... just ask anyone who purchased a digital-only license on the Funimation website. A few months ago, Funimation's title got absorbed into Crunchyroll, and guess what happened. All those digital purchases are now gone.

This is why I have gone with the self-hosting route with Plex for my TV shows, movies, and music while AudioBookShelf for my audiobook collection. Sure, it's a bit of a pain to rip those physical media, but it allows me to stream to wherever I am in my home or when I'm out driving. I hope that one day, I will fulfil my dream of a home theater setup. However, I don't need home theater quality in my home office.

[vdeane]

The studios have already been pulling back on physical releases since 2008, with Disney placing favor on the titles being on Disney+ to help drive subscribers. Some of their lesser-known and older catalog titles are being licensed out to "boutique" shops such as Criterion, Kino Lober, and Arrow.

Thankfully Paramount still does physical releases, but unfortunately they're a sinking ship.  Makes me wonder if I should buy the Star Trek series sets.  I've been avoiding it due to limited shelf space and not being sure how to assess playability when I don't have time for a full rewatch of any of the series, much less all of them (normally when getting a DVD/BluRay I check them by watching everything in full, as I've had issues with scratched discs, menus that don't work, etc. before), but that was enabled by Star Trek being very stable in terms of being able to stream it, which might not be the case going forward (I already have Avatar: The Last Airbender on my Christmas list for the same reason; not to mention, that while its Netflix release is great, it has a lot to learn before it's ready to save anyone its Paramount+ release is known to have serious issues).

[ZLoth]

that was enabled by Star Trek being very stable in terms of being able to stream it, which might not be the case going forward

The whole entertainment industry is in bad shape at the moment, and the biggest problem Paramount has is Summer Redstone. A seeming solid big to buy out the studio fell through last week. And, again, there is the title availability on streaming. Star Trek is a solid property, but right now, Paramount is unable to afford a new series. Ultimately, it comes down to what brings in the subscribers, and right now, the recent fare isn't doing it. Then, there is folks like me who like the older, niche fare.

[SectorZ]

From mid-2021 to mid-2022, their stock fell from $45/share to $5/share. They then looked at the lay of the land and thought "Hey! Let's buy Redbox!". Smart.

[mgk920]

As for titles disappearing... just ask anyone who purchased a digital-only license on the Funimation website. A few months ago, Funimation's title got absorbed into Crunchyroll, and guess what happened. All those digital purchases are now gone.

This is also why i refuse to subscribe to a streaming audio service and still use .mp3 files and and a .mp3 player.  If any subscription lapses or a provider goes away, the files are still there and are just fine.

Mike

[Max Rockatansky]

Maybe Redbox should have tried some Vicks instead?  My wife swears it is a way better home remedy than chicken soup.

[epzik8]

I've always considered Redbox overrated anyhow, and now streaming is pushing it into obsolescence.

[Road Hog]

What will come along next to send streaming the way of the DVD and the VHS tape?

Direct brain implantation?

[SectorZ]

What will come along next to send streaming the way of the DVD and the VHS tape?

Direct brain implantation?

Then they just delete the part of your brain that remembered the movie when the license runs out.

[thenetwork]

They've started to shut-down and/or abandon Redbox vending machines for at least 9 months now in my area.

Didn't Chicken Soup buy and take over Sony's Crackle streaming channel not too long ago?   I wonder if that FAST channel will close up shop as well. 

At least when Sony had it near the end of their ownership, it had dozens of Columbia/Screen Gems TV shows available to stream, until Chicken Soup took over.  Now  Crackle is just a shell of itself.

[bing101]

I remember Chicken Soup for the Soul back when they were mainly a book franchise in the mid-1990's to early 2000's their authors would go on TV to promote their books at that time.

https://en.wikipedia.org/wiki/Jack_Canfield

https://en.wikipedia.org/wiki/Mark_Victor_Hansen

https://en.wikipedia.org/wiki/Chicken_Soup_for_the_Soul

[SectorZ]

https://en.wikipedia.org/wiki/List_of_Chicken_Soup_for_the_Soul_books

I love that the two creators took the James Patterson route and just plaster their name on every single book, to which I didn't realize there were so many. You can't tell me they contributed much to Chicken Soup for the African American Woman's Soul beyond what the two additional authors already added.

[Scott5114]

https://en.wikipedia.org/wiki/List_of_Chicken_Soup_for_the_Soul_books

I love that the two creators took the James Patterson route and just plaster their name on every single book, to which I didn't realize there were so many. You can't tell me they contributed much to Chicken Soup for the African American Woman's Soul beyond what the two additional authors already added.

Chicken Soup for the Bankrupt Soul

[In_Correct]

The studios have already been pulling back on physical releases since 2008, with Disney placing favor on the titles being on Disney+ to help drive subscribers. Some of their lesser-known and older catalog titles are being licensed out to "boutique" shops such as Criterion, Kino Lober, and Arrow.

Thankfully Paramount still does physical releases, but unfortunately they're a sinking ship.  Makes me wonder if I should buy the Star Trek series sets.  I've been avoiding it due to limited shelf space and not being sure how to assess playability when I don't have time for a full rewatch of any of the series, much less all of them (normally when getting a DVD/BluRay I check them by watching everything in full, as I've had issues with scratched discs, menus that don't work, etc. before), but that was enabled by Star Trek being very stable in terms of being able to stream it, which might not be the case going forward (I already have Avatar: The Last Airbender on my Christmas list for the same reason; not to mention, that while its Netflix release is great, it has a lot to learn before it's ready to save anyone its Paramount+ release is known to have serious issues).

There is absolutely nothing wrong with taking your purchased copies and creating backup copies for you to play on computer with Repeat & Shuffle. There are way too many things that are very low quality and typically are outrageously expensive thus no need to add your Collection to the all ready existing Collection of low quality junk designed intentionally to force peoples to spend more money. You took the time and of course money to purchase the copies instead of ripping them directly without purchasing so if it was me I expect things to not malfunction.

Maybe Redbox should have tried some Vicks instead?  My wife swears it is a way better home remedy than chicken soup.

It is one of the biggest myths ever that Chicken Soup is some type of cure for illnesses. I also never found any company despite being named appropriately for its questionable reading materials to be even slightest interesting. The company reminds me very much of the ancient television programme Strike It Rich. or even Maury Povich. or Oprah Winfrey. I keep my problems and associated triumphs about said problems to my self thank you very much. No need to have any body laughing at embarrassing situations; not mine, nor others.

[formulanone]

What will come along next to send streaming the way of the DVD and the VHS tape?

Direct brain implantation?

I hope I don't misplace that remote control.

[ZLoth]

From Deadline:

Redbox Owner Chicken Soup For The Soul To Liquidate In Chapter 7 Bankruptcy Shift; Workforce Of 1,000 To Be Let Go And 24,000 Kiosks Shut Down, Lawyer Says

Redbox parent Chicken Soup for the Soul Entertainment has shifted its bankruptcy filing from Chapter 11 to Chapter 7, meaning it will liquidate its business.

The company, sagging under the weight of nearly $1 billion in debt and a tall stack of unpaid bills, filed for bankruptcy protection on June 29. During bankruptcy court proceedings, it secured a "debtor in possession" loan of $8 million designed to help it resume paying workers after nearly a month of no paychecks and also restore their medical benefits. Deadline had earlier reported on the delays in pay and health care.

FULL ARTICLE HERE

[mgk920]

From Deadline:

Redbox Owner Chicken Soup For The Soul To Liquidate In Chapter 7 Bankruptcy Shift; Workforce Of 1,000 To Be Let Go And 24,000 Kiosks Shut Down, Lawyer Says

Redbox parent Chicken Soup for the Soul Entertainment has shifted its bankruptcy filing from Chapter 11 to Chapter 7, meaning it will liquidate its business.

The company, sagging under the weight of nearly $1 billion in debt and a tall stack of unpaid bills, filed for bankruptcy protection on June 29. During bankruptcy court proceedings, it secured a "debtor in possession" loan of $8 million designed to help it resume paying workers after nearly a month of no paychecks and also restore their medical benefits. Deadline had earlier reported on the delays in pay and health care.

FULL ARTICLE HERE

Chapter 7.  Nice knowing ya.



Mike

[GaryV]

sagging under the weight of nearly $1 billion in debt and a tall stack of unpaid bills

Isn't the tall stack of bills part of the debt?

[snowc]

Welp, i was right. NO MORE REDBOX!