12:15 ET<\/span><\/span><\/p>\nTesco has bought an 80% stake in movie-streaming site Blinkbox.<\/p>\n
The video-on-demand service currently attracts around two million users a month.<\/p>\n
Tesco plans to set up systems which combine the purchase of physical products with the use of online services.<\/p>\n
“We can link physical purchase of a product to the building of digital collections in a new and seamless way,” Tesco’s UK head, Richard Brasher, said.<\/p>\n
“We want to allow them to decide how they access entertainment content and on which devices, whether it’s on PC, TV or tablet.<\/p>\n
“Working with the Blinkbox team and our content partners, we will bring these compelling propositions to life for our customers.”<\/p>\n
The site, which launched in April 2008, gives members access to over 9,000 films and TV series via their PC, Mac, games console or other internet-enabled devices.<\/p>\n
Customers can either pay for premium feature titles, or view ad-supported content for free.<\/p>\n
“It’s a hugely exciting time,” said Blinkbox chief executive Michael Cornish, a former senior executive at Channel 4.<\/p>\n
“This partnership represents another step forward, bringing the leading movie streaming service together with the UK’s biggest retailer.”<\/p>\n
Tesco purchased its controlling stake in Blinkbox from Eden Ventures and Nordic Venture Partners.<\/p>\n
In a joint statement, they said: “We congratulate Tesco on the acquisition of Blinkbox and are excited to be following the continued growth of the business under Tesco.”<\/p>\n
The BBC understands that there are currently no plans to relaunch Blinkbox as a Tesco brand.<\/p>\n
The pair will face competition from the likes of LoveFilm, part of online retailer Amazon, which has around 1.5 million members.<\/p>\n
Dan Cryan, head of broadband at analyst IHS Screen Digest, believes this is the first of several moves by Tesco to shift to providing a wider range of digital services in the future.<\/p>\n
“Tesco have acquired a tried and tested platform for the delivery of movies.<\/p>\n
“Their aim is to try and, at least in a short term, tie it into a physical product with a view to making sure they have a foot in the door when everything goes digital.”<\/p>\n
“It’s a pre-emptive move on the part of Tesco to make sure they’re still at the table.<\/p>\n
“I think it’s the first of a number of digital initiatives you’ll hear from them within the year.”<\/p>\n<\/div>\n<\/p>\n
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