The Redbox and Verizon online video streaming service, Redbox Instant will be shut down on October 7.

Subscribers of the $6-per-month Redbox Instant streaming service received an email about the end of their offering. Their website was also updated and now only sports a message informing subscribers and visitors about the news.

"Thank you for being a part of Redbox Instant by Verizon. Please be aware that the service will be shut down on Tuesday, October 7, 2014, at 11:59 p.m. Pacific Time. Information on applicable refunds will be emailed to current customers and posted here on October 10," said the message on the website.

It continued: "In the meantime, you may continue to stream movies and use your Redbox kiosk credits until Tuesday, October 7 at 11:59 p.m. Pacific Time. We apologize for any inconvenience and we thank you for the opportunity to entertain you."

The reason for the service's demise was attributed by its creators to its inability to meet the standards they have set for it during its conception. In a joint statement, Verizon Communications and Outerwall said, "The joint venture partners made this decision after careful consideration. The service had not been as successful as either partner hoped it would be."

The service, was launched in the second quarter of 2013, initially offered an $8 monthly subscription fee. Users were allowed to rent Blu-ray Disc at Redbox kiosks. The venture, however, did not fare as well as and was unable to lure customers into subsribing like its competitors such as Netflix and Amazon Prime and Hulu Plus.

According to a report from Gigaom, Redbox Instant faced trouble with credit card fraud, which further impaled the service. There was also reportedly a standing issue about new customers being unable to sign up for the past three months and existing users not being able to update their payment information.