Chicken Soup For The Soul CEO Upbeat On Movie Releases, FAST Channels As Redbox, Crackle Parent Sees Steeper Q1 Loss
deadline.comChicken 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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