Blockbuster is looking to win back old customers and attract new customers with the promotion, which will run until at least the end of the month and will be advertised through press and radio activity.
Bryn Owen, head of marketing at Blockbuster, said the drive was "not specifically" a reaction to falling sales, adding "customer numbers at the moment are very strong for us".
He said: "We've always run recruitment campaigns before, but we have never been as aggressive as this."
The brand is also running other activity including a campaign promoting its exclusive movies offering and the 99p-a-night DVD rental service.
Blockbuster has the exclusive rights to offer certain titles, such as 'Tinker, Tailor, Soldier, Spy' on a rental or streaming basis for a period of three weeks, before its rivals gain access to them.
It has partnered with studios including Disney, Icon, Lions Gate, Sony, Studiocanal and Universal Pictures for the exclusive deals.
Blockbuster is also planning to launch a streaming service in the UK later this year, but is yet to set a specific launch date.
Follow Matthew Chapman on Twitter at @mattchapmanUK