Plex is launching a store for users to buy and rent movies in February, the company’s executives told Lowpass‘ Janko Roettgers at CES 2024.
Cord Cutters News later independently confirmed the news.
According to the report, “most studios” have “lined up for launch” and the service plans to launch a catalog soon after. The new store will also integrate with current Plex features like watchlists.
Plex is also planning more social features and a “significant redesign.” These features might build on the “Discover Together” tool the service released in November.
The store news comes after Plex laid off 20% of its staff in June amid a downturn in advertising. Plex — like many services — make their revenue from ads. At the time, Plex said it wanted to be back in the positive cash flow range in the next 18 months.
Adding the option to buy and rent movies could help the service achieve profitability.
Plex, a private company based in Los Gatos, California, was formed back in 2009. Ten years later, the company launched a free ad-supported service which greatly attracted cord cutters. Since then, Plex has offered thousands of movies and TV-shows on-demand along with hundreds of live free channels.
Plex wasn’t immediately available for comment.
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