I remember when I was a kid, and all I wanted to do was rent movies that I loved, and Blockbuster was the drug dealer for my junkie needs. I really remember when I forgot to return a movie that I had for two weeks (back then, you only had a day to view a movie), and they hit me up for a $50 late fees (that's a lot of money to an 18 year old). I've never liked the smugness that Blockbuster had, as they were the biggest video bullies in town. So hearing that this company is on the ropes made me laugh my evil laugh. They have no one to blame but themselves for this, by not recognizing (or taken seriously) the on-line market that 'Netflix' took advantage of.
Their old corporate ways and the lack to change them has doomed this company. They've already closed over 500 stores in the past year, and according to their third quarter results, had a net loss of $35 million. While this is still a billion dollar revenue company, their decision not to focus on their on-line Total Access membership, and concentrate on overall membership from brick and mortar stores may have put them in the grave. And while the demise of the company hasn't been decided, free lance technology writer Don Reisinger thinks they will close their doors within two years.
Night Night Blockbuster.... I knew ye all too well!
Say goodbye to Blockbuster [C|Net via Crunchgear]
