Most of us haven’t used long obsolete Blockbuster Video in a decade or more, but they’ve held on long. The video rental chain has finally declared bankruptcy. If Blockbuster Video can’t hang on, who in brick and mortal rentals can? This giant was the number one name in video rental stores, so if any smaller chains have also been staying in business over the years, this would seem to be an omen of doom for them. With the rise in popularity of cable/satellite TV packages, DVR services such as TiVo, and Netflix, the competition for Blockbuster Video was simply too stiff to stay alive.
Blockbuster Still Has Hope For The Future
Reuters is reporting claims from Blockbuster that discussions with studios and bondholders “continues to be productive”. To the average consumer, this probably seems like a bit of denial. Those of us not subscribed to one of the successful above-mentioned services are able to go to a number of locations and, for $1 and no commitment, rent a movie from a Redbox machine. In fact, many of us turned our backs on Blockbuster Video renting ages ago, since the terms and late fees were far less convenient compared to the terms and prices offered by competitors. Even ordering pay-per-view on your television is more appealing– for about the same price, you can order a popular in-demand movie of recent release, and you could even record it at home using whatever video or disc device you may use. No leaving the house, no additional fees, and the ability to watch the movie whenever you choose is something Blockbuster has not matched. Or, have they?
Blockbuster Flies Under Our Radar
Slow to adapt, or perhaps still beat to the punch by the overwhelming competition, it’s curious how Blockbuster Video thinks it will stay afloat. A trip to the Blockbuster website press room shows no indications of the recent Chapter 11 bankruptcy reports, but instead mentions their by-mail rental services, their kiosks, and their computer downloads. Too little too late, perhaps, as much of this is news to us.
Blockbuster Closing Up to 800 Stores
The former video rental giant will be closing as many as 800 stores in light of their Chapter 11 bankruptcy, as reported by John Biggs at Crunch Gear. Most of us are probably not sad to see it go, except maybe the employees and owners of these chains, which had seen many successful past years. Still, if you can’t keep up with the times and aren’t willing to grow and change, even the mighty Blockbuster can go the way of the dinosaur.
Chelsea Emery & Tom Hals, Blockbuster expected to file Chapter 11, Reuters
Blockbuster Press Room
John Biggs, Blockbuster, She Is Dying, CrunchGear