Redbox now has 50% of the physical rental market as Outerwall posts increasing profit

redbox-kioskRedbox parent Outerwall, the Bellevue-based company formerly known as Coinstar, announced today that Redbox now has 50 percent of the physical rental market for movies.

Outerwall also posted its second quarter earnings today, which showed an increase in net income of 4.1 percent to $554.2 million from the second quarter of 2012. That growth was driven by the Redbox business, which brought in $478.5 million, an increase of 4.5 percent from last year.

Net income for Outerwall was up to $46.9 million, up 27 percent from this time last year. That’s an improvement from last quarter, when profits fell to $22.6 million.

Earlier this month, Outerwall gobbled up ecoATM, a San Diego company that makes automated kiosks for buying used phones and other electronics, for $350 million in cash.

Redbox has more than 36,000 kiosks nationwide.