Redbox Instant was intended as the popular DVD rental company’s entry into the streaming video market. After about a year in business, however, it will be shut down on Oct. 7 due to lack of subscribers and essentially end up chalked up as a failed attempt to enter the said market and displace powerhouse Netflix.

Announced as a joint venture from Redbox’ parent Outerwall and Verizon in February 2012, Redbox Instant has become an ill-fated attempt to “lure subscribers away from competing streaming sites like Netflix and Amazon Instant Video,” according to The Verge. The companies debuted Instant as an invite-only beta version in December 2012 and initially offered a library of 4,500 movies.

According to a Reuters article published on the Huffington Post, Redbox and Verizon said in a statement their decision to terminate Instant was reached “after careful consideration” and also admitted that  “the service had not been as successful as either partner hoped it would be.” The statement went on to say that subscribers were to receive an email notifying them of the termination of the service and another email would be sent on Oct. 10 with details on refunds.

The user base growth over Instant’s existence was never revealed but The Verge suggests the service was “operating at a loss” and earlier this year “shut down new signups as a precautionary move” to thwart off hackers’ attempts to obtain Instant users’ credit card data.

The website does note that Redbox Instant was never quite intended as direct competition at Netflix as much as a mix-match service that let users stream movies and TV shows as well as provided them with “monthly vouchers to rent DVDs and Blu-rays” at the ubiquitous Redbox kiosks, the company’s core business.

The plans, which started at $6 per month, ultimately did not succeed in garnering a sufficient subscriber base to justify its existence going forward so the joint venture is being phased out. The companies have not announced plans to offer any similar services in the future.