Blockbuster LLC was once a thriving business, but it has slowly declined in the past decade and is now filing for bankruptcy. What caused this massive decline, and what can be done to prevent other businesses from experiencing a similar fate?
To answer these questions, it is important to first take a look at Blockbuster’s history. The company was founded in 1985 by David Cook and his father, and it grew rapidly in the early 1990s thanks to its innovative approach to video rental. Blockbuster was one of the first companies to allow customers to rent videos online, and it also pioneered the concept of “no late fees.”
However, Blockbuster was unable to keep up with the changes in the video rental industry, and it eventually lost ground to companies like Netflix and Redbox. The company also made some poor decisions in the late 2000s, such as refusing to offer a streaming service and investing in the failed movie rental kiosk company, Redbox.
Blockbuster’s decline can be attributed to a number of factors, including its inability to keep up with technological advances, its refusal to offer a streaming service, and its investment in the failed movie rental kiosk company, Redbox.
What can be done to prevent other businesses from experiencing a similar fate?
There are a few things that businesses can do to avoid Blockbuster’s fate. First, it is important to keep up with technological advances and be willing to adapt to new trends. Second, businesses should never refuse to offer a streaming service, as this is becoming an increasingly important aspect of the entertainment industry. Finally, businesses should be careful about where they invest their money, and they should never put all their eggs in one basket.