Verizon-backed Netflix and Hulu competitor Redbox Instant to shut down on Oct. 7

Redbox Instant is set to shut down really soon.

Backed by Verizon, Redbox Instant was launched in open beta in December 2012 and officially made available to the public in March 2013. Competing against the likes of Netflix and Hulu, the service charged $8 a month for instant movie streaming, reservation of new releases at Redbox kiosks, and offline viewing of purchased titles.

But just about a year and a half after its official launch, Redbox Instant is nearing the arrival of its closing credits, which are set to roll, so to speak, on Tuesday, Oct. 7, at 11:59 p.m. Pacific Time.

“The closure isn’t entirely surprising,” Engadget notes, “Outerwall (Redbox’s parent company) wasn’t happy with Instant’s subscriber numbers, and a credit card fraud incident prevented it from taking new customers for three months. Still, this isn’t good news if you liked Redbox’s unique hybrid of online and kiosk-based rentals.”

The official iOS app of Redbox Instant is no longer available on the App Store. But if you’re a Redbox Instant customer and you still have the app on your iOS device, you can continue to stream movies and use your Redbox kiosk credits until the service’s scheduled shutdown.

Redbox promises to announce and email Redbox Instant customers about information on applicable refunds on Friday, Oct. 10.