This past August, I wrote the reasons I thought Netflix had already won the DVD Rental War with Blockbuster. It seems Blockbusters struggles are really taking hold over the company now and the mainstream media are agreeing that it's time to say goodbye to Blockbuster.
BAD NEWS FROM BLOCKBUSTER'S QUARTERLY REPORT
In the company's third-quarter results, Blockbuster reported a decline in revenue of over 5% and a net loss of $35 Million. They've also closed over 500 stores in the past year and are now watching their stock price falter to 4.81 at the close on Friday.
NO MORE PUSH FOR ONLINE RENTAL FROM BLOCKBUSTER
Jim Keyes, the Blockbuster Chairman stated that Blockbuster will cease pushing for higher "Total Access" membership and instead focus on the traditional Blockbuster membership instead. This is basically an admittance of defeat to Netflix in the online DVD rental realm and will likely just hasten the decline and eventual failure of Blockbuster as a whole. What will fill the "void" of Blockbuster? DVD Kiosks like Redbox , Online Movie Rental will continue to grow from Amazon Unbox and Netflix and Online Movie rental will continue from Netflix.
ADAPT QUICKLY OR FAIL
As other media firms that survive on media such as music, television and movies are learning, the times are changing and the failure to adapt and meet the consumers needs fast enough will spell the failure of those firms.