Tesco acquires majority stake in Blinkbox
The move means that the supermarket gaint will now be competing head on with other major players in the market such as Amazon's Lovefilm which has 1.5 million members.
Blinkbox, which launched in April 2008, offers thousands of films and videos streamed on the internet to 2 million users each month. They are available to rent or buy, alongside free-to-view movies, TV shows and trailers. Members can access the content via their PC, Mac, games console or other internet-enabled devices.
Tesco bought the controlling stake from Eden Ventures and Nordic Venture Partners.
Richard Brasher, Tesco UK CEO said, "Whether customers want to own the DVD, download a digital movie, stream a rental or all three, Tesco is committed to giving customers choice. We want to allow them to decide how they access entertainment content and on which devices, whether it’s on PC, TV or tablet. The acquisition of Blinkbox, together with a range of other services currently in development, means we can link physical purchase of a product to the building of digital collections in a new and seamless way. Working with the Blinkbox team and our content partners, we will bring these compelling propositions to life for our customers."
Blinkbox CEO Michael Comish, said, "We are pleased that our partnership with Tesco allows us to bring the best in entertainment from our library of over 9,000 titles to even more people across the UK. It's a hugely exciting time, looking at how accessible entertainment is becoming for consumers. This partnership represents another step forward, bringing the leading movie streaming service together with the UK's biggest retailer."
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