Redbox movies aren't a buck anymore.
Its parent, Coinstar, Inc., has announced that it's raising the daily price on its standard DVD rentals from $1 to $1.20. The price hike takes effect today.
The good news: Coinstar is not changing the prices for its Blue-ray movie rentals ($1.50) or video game rentals ($2.00).
"This marks the first price increase for a redbox standard definition DVD rental in eight years," Coinstar CEO Paul Davis said last week in conjunction with the company's third-quarter results (3Q revenues: $465.6 million; diluted earnings per share from continuing operations: $1.18).
Coinstar primarily blamed the price hike on an increase in its operating expenses.
