Chicken Soup For The Soul, owner of Redbox, Crackle and Screenvision and the self-described largest purveyor of content to” value-conscious consumers,” saw sales soar to $110 million in the first quarter from $29 million.
TVOD revenue is picking up, CEO Bill Rouhana told Wall Streeters, a precursor to a run on Redbox movie kiosks given the improved Hollywood pipeline.
The company has a rocky start to 2023. It announced its fourth-quarter and full-year numbers March 31, just six weeks ago, to coincide with a capital raise aimed at seeing it through a challenging time.
But now “the movies are here,” Rouhana said on a call after earnings. He said 27 major theatrical releases will cycle through between May and July — “exactly what we were looking for since we took over Redbox.” Chicken Soup acquired Redbox in a $375 million-deal in August of 2022.
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