After its parent company Outerwall indicated that it is looking to "explore strategic and financial alternatives," Redbox is set to make its return to the streaming media market, according to reports.

Outerwall took the sledgehammer to its venture with Verizon, which saw the two attempt to leverage Redbox as a streaming media rival to Netflix. That was back in October of 2014, but apparently Outerwall has found a new way to get a foothold in the market, according to a report from Variety.

The company is planning to launch Redbox Digital, a streaming service that may go into closed beta soon, with the Variety report basing its story on inside sources and concept content that has leaked online.

Responding to queries on the subject, Redbox offered a few lines that neither confirmed nor denied the allegations. Redbox is always looking for ways to improve its customers' experience, the company spokesperson stated.

"For tens of millions of consumers, Redbox is their source for new release rentals without a subscription," the spokesperson said. "As such, we regularly conduct tests of potential new offerings, that may or may not be brought to market, as part of our ongoing commitment to provide additional value."

Redbox Digital will give customers the option to rent or purchase movies and TV series, which come in either standard or high definition format. However, it doesn't appear Redbox Digital will include a subscription service for streaming a buffet of films and TV shows.

While it doesn't look like it'll go after Netflix's subscription model, Redbox Digital will still take care of regulars who subscribe to it. Redbox's current loyalty program will work with Redbox Digital, according to the report.

With its stock steadily sliding over the last 12 months, Outerwall has been putting extra effort into keeping its investors happy. Along with increasing the dividend it pays out to investors, Outerwall has also been looking to find strong streams of revenue for the company, according to an investor address from Erik Prusch, Outerwall's chief executive officer.

"The Board and management team will evaluate all options thoughtfully and carefully with the support of our advisors," Prusch said. "Throughout the review process, Outerwall will remain focused on executing on our operational plans, managing our businesses for profitability and cash flow, and continuing to align costs with revenue to create operational efficiencies, while returning significant capital to our investors."

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