Video streamer Plex will add movie and TV rentals to its offerings next month, according to reports.
It’s the latest target date for the new rental business offered by the company, which currently offers a free ad-supported TV model available in 193 countries. Plex’s current lineup includes over 300 channels airing classic TV series and game shows, reality series and news, along with some live TV offerings, including sports.
It also offers a $4.99 per month “premium” subscription service, which enables programming downloads and other features.
Founded in 2010, Plex claims more than 25 million global users and more than 50,000 on-demand titles.
It next plans to launch paid movies and television in early February, independent journalist Janko Roettgers reported, citing a conversation he had with executives at last week’s Consumer Electronics Show in Las Vegas.
TechCrunch said the company confirmed the plans will go forward in February after several delays. No pricing details were revealed.
Plex first planned to launch the paid expansion prior to the Covid-19 pandemic, and then last year said it would go ahead with the effort in the 2023 second quarter, TechCrunch reported. The delays were mainly technical in nature, according to the outlet said.
The goal is for Plex to become a one-stop shop for media content by adding more movies and TV shows for on-demand viewing in a transactional video on demand market.
Plex executives have most studios lined up for the launch, Roettgers, reported, and expect to expand the catalog soon after the paid service debuts. The service also plans to add social features and redesign its site this year, he said.
The expansion effort comes amid growth for FAST platforms, which collectively saw a 43% increase in public awareness since 2021, a recent survey by Whip Media found. Nearly half of the 2,000 U.S. viewers who responded to the survey said they watched FAST channels at least a few times per month, and 78% of FAST viewers said they are regular watchers.
As a growing number of consumers cut the cord and move away from traditional cable, and paid streamers like Netflix and Disney+ keep raising subscription prices, FAST is expected to become even more popular.
The post Plex to Add TV, Movie Rentals to Its Streaming Platform Next Month appeared first on TheWrap.