Blockbuster Bankruptcy Clears Way For Online Streaming To Dominate
Blockbuster finally go bust
After the inevitable death throws, Blockbuster has (as expected) now filed for Chapter 11 bankruptcy as the reality of online streaming and cord cutting finally dawns on the men in suits. Although Netflix and Redbox landed the final blows, Blockbuster has been struggling for some time now.
The bankruptcy includes all stores and operations owned but does not include franchises and international depots. Also affected is the DVD-by-mail service, and streaming movie operations.
The demise of a monolith like Blockbuster will surely send shock waves throughout the industry, including cable, broadband, satellite and telephone companies delivering movies and TV shows. They must all now be realising the power of online streaming, if it can bring down Blockbuster, then who next?
For years there has been talk of subscribers cutting the cord, encouraging the traditional bricks and mortar companies to invest heavily in online streaming. However, the market already is filled with big hitters from Hulu to Netflix and Apple TV. Not forgetting the impending and mighty Google TV service.
Although critics point to the fact that the internet streaming brigade are not big enough to affect the big hitters, Blockbusters demise shows otherwise. Back in 1997, Netflix was a small startup and probably not even on the mighty Blockbusters radar, who were running the show in every US city and town.
Netflix were a hungry startup who realised that they could not compete unless they gave viewers something different, better and more convenient. They achieved this by creating the Netflix streaming video service. Making use of partners set-top boxes like Roku and Xbox and cheaper delivery methods they provided instant streaming, and the customers embraced the easier, and more convenient way to be entertained.
The doors, and public perception is now that internet streaming is better and cheaper than cable. So from the smug assertation that cord curring is a myth, the cable companies are now taking the medium seriously. From Comcast showing concern over cord cutting to the Verizon CEO saying in New York that cord cutting is real, and adding that internet streaming “is going to be a pretty big issue for cable.”
Although they are planning to relaunch a new streamlined company at some point, the rapid demise of Blockbuster has surely awakened an entire industry to the power of the web.
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[...] were too slow to adapt to new digital and mail delivery methods and were crushed by Netflix’s convenience of online DVD by mail offering. So why the interest in the failed giant? Well it [...]