But Redbox is back. It’s built its own streaming operation. And the company’s stock is somewhat inexplicably one of the hottest on Wall Street, even as Netflix (NFLX) has plummeted.

Shares of Redbox are up more than 20% this year, about 55% in the past month and nearly 200% in the past three months. That’s in stark contrast to the 70% plunge for Netflix, the worst stock in the S&P 500. Disney (DIS), which has its own the vaunted Disney+ streaming service, is down 40%, making it the biggest dog of the Dow.

Other media companies with streaming services, including Paramount Global, Peacock owner Comcast (CMCSA) and CNN parent Warner Bros. Discovery, which has both HBO Max and Discovery+, have fallen sharply in 2022 as well.

Now there is concern that there are too many streamers chasing too few customers. Apple (AAPL) and Amazon (AMZN) have streaming services, too. Disney also owns Hulu. And consumers may be cutting back on non-essential monthly subscriptions as recession fears grow.

So…