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Blockbuster may file for bankruptcy


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42 replies to this topic

#1 OFFLINE   Stuart Sweet

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Posted 17 March 2010 - 02:20 PM

Blockbuster Inc. shares plunged further into penny-stock territory Wednesday after the struggling home-video-rental company said in a regulatory filing that it will likely file for bankruptcy if it's unable to address its debt load.


Full article at Marketwatch


In other news, sky is still blue. Seriously, who didn't see this coming two years ago? All I can say is, if you're a place with brick-and-mortar, "right now" access to something, you have to do a really poor job of it to have your hat handed to you by a mail-order business (like netflix.)

With Hollywood Video all but gone and Blockbuster living on borrowed time, our choices may very soon be netflix, redbox, and On Demand/PPV. You know what though? I'm probably ok with that.
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#2 OFFLINE   raott

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Posted 17 March 2010 - 02:26 PM


Full article at Marketwatch


In other news, sky is still blue. Seriously, who didn't see this coming two years ago? All I can say is, if you're a place with brick-and-mortar, "right now" access to something, you have to do a really poor job of it to have your hat handed to you by a mail-order business (like netflix.)

With Hollywood Video all but gone and Blockbuster living on borrowed time, our choices may very soon be netflix, redbox, and On Demand/PPV. You know what though? I'm probably ok with that.


Blockbuster has so far refused to adopt the Netflix style On Demand pricing, which cannot be helping matters and was the reason I switched from Blockbuster to Netflix.
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#3 OFFLINE   bidger

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Posted 17 March 2010 - 02:26 PM

With Hollywood Video all but gone and Blockbuster living on borrowed time, our choices may very soon be netflix, redbox, and On Demand/PPV. You know what though? I'm probably ok with that.


As a consumer, I'm fine with that as well. Never had a Blockbuster membership, haven't done a Hollywood rental in about a decade, Netflix offers all I need. I just feel bad that it means even more people out of work.

I do recall around this time in 2008 when BB was looking at buying Circuit City and the joke going around was the benefit would be one doomed company instead of two.

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#4 OFFLINE   spartanstew

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Posted 17 March 2010 - 02:38 PM

Well, I can certainly understand why people would think otherwise, but I'll miss BlockBuster.

Have been a member for years and was one of their dvd by mail beta customers at one time. It helps that there's a BB half a mile from my house and I pass by it twice a day. That's what made in-store exchanges with BB much more convenient than Netflix for me.

I'm sure Directv can't wait to get their hands on your unit.

 
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#5 OFFLINE   dettxw

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Posted 17 March 2010 - 03:54 PM

I guess anything that happens to them won't affect me much. I literally can't remember the last time I rented a movie from them.

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#6 OFFLINE   Earl Bonovich

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Posted 17 March 2010 - 03:56 PM

I worked for Blockbuster during their hay-day.... Over the 5 years I worked for them, I helped opened at least 30 different stores here in the midwest. I had to travel a few times several hours.

Receiving 100s of copies of videos, and they were always gone on a Friday night.

20 years later... they are a ghost town.

Out of the 18 or so that were with-in a 20 minute drive of my home. Only two left.
And those two are maybe 1/3rd the size they used to be.

I have seen one of Blockbusters "red-box" type systems, but it is in one of our smaller independent grocery stores. Redbox is everywhere around here.

Netflix did the major damage to Blockbuster, but Redbox finished them off.

Hollywood Video is closing their last store in the area right now... I know of one mom-pop rental store left, but they specialize in foreign films.

I long since stopped visiting Blockbuster, once their pricing got way out of wack.
I did rent around Christmas time a couple video games, because I had a rent one, get one free deal... still cost me $8 for 5 days... $8 for one video game, to rent it for a week.
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#7 OFFLINE   matt

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Posted 17 March 2010 - 04:06 PM

Good riddance to bad rubbish...

I dislike blockbuster. They never have anything "good", it costs 3x as much as any other rental place, and they always seem to smell like baby puke.

They just built a family video here in Stillwater. The new releases are $1. Classics are 2 for $1. Even though I have no interest and it goes against "family" in the name, they even have an adult section. ;) Redbox can't touch those prices, they have no line to find out they are out of the movie you want, they are friendly, and they take cash.
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#8 OFFLINE   BattleZone

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Posted 17 March 2010 - 04:07 PM

Blockbuster is an excellent lesson in failing (or refusing) to adapt. When NetFlix first started up, Blockbuster could/should have reacted and leveraged their might and cash and crushed NetFlix like a bug. But they failed to grasp the NetFlix model, which they could have copied and improved upon, with all of their local retail stores. They could have put all of their local stores' inventories online, and built an expanded library of mail-order-only for smaller titles, and allowed a combo of mail or walk-in rentals. But Blockbuster either didn't see the obvious threat, or refused to do anything about it.

Then, there was the second big oppertunity: instant viewing via Internet streaming. Blockbuster could have used that to regain their position, but again, they failed to see the obvious future, while NetFlix (clearly a TECHNOLOGY company) was busy licensing their clients to anyone who built a box that connects to a TV set.

You don't often get a second chance in business, but Blockbuster had 2, and failed both times. Bye bye, Blockbuster.

#9 ONLINE   harsh

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Posted 17 March 2010 - 04:11 PM

Don't assume that Netflix killed Blockbuster or Hollywood Video. Red Box had a key role in their undoing as well.

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#10 OFFLINE   BattleZone

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Posted 17 March 2010 - 04:43 PM

I understand RedBox's role, but Blockbuster has been on a major decline for a lot longer than Redbox has been around. Plus, Redbox doesn't have streaming clients, and that's driving a LOT of subscriptions to NetFlix right now, and a ton more in the future.

#11 OFFLINE   Earl Bonovich

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Posted 17 March 2010 - 05:09 PM

Don't assume that Netflix killed Blockbuster or Hollywood Video. Red Box had a key role in their undoing as well.

It is all about eliminating jobs to reduce overhead.


As noted above:

...

Netflix did the major damage to Blockbuster, but Redbox finished them off.

..


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#12 OFFLINE   matt

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Posted 18 March 2010 - 02:23 AM

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#13 OFFLINE   schlar01

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Posted 18 March 2010 - 11:08 AM

That is what happens when you charge $5-6 for a DVD rental and $10 for a video game. Maybe DirecTV should figure out that you aren't going to rent a whole lot of movies at that price. I can get a hell of a lot more Blu-ray rentals per month through Netflix for the same money than I can through DirecTV HD PPV.

#14 OFFLINE   Stuart Sweet

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Posted 18 March 2010 - 11:08 AM

There is a blockbuster .8 miles from my house. I went in there about 18 months ago. The funny thing was, there was no one in the store except the 4 people waiting on line. Even in an empty store they still had a line.
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#15 OFFLINE   sdirv

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Posted 18 March 2010 - 11:19 AM

That is what happens when you charge $5-6 for a DVD rental and $10 for a video game. Maybe DirecTV should figure out that you aren't going to rent a whole lot of movies at that price. I can get a hell of a lot more Blu-ray rentals per month through Netflix for the same money than I can through DirecTV HD PPV.


We've got a couple struggling Blockbuster stores nearby, haven't been inside one in years. I did like going to Hollywood Video when they opened a store near me but that soured as they seemed to raise prices for rentals.

Told the manager there a couple times that I couldn't see renting DVD's for more money than I could buy them for over at Wal-Mart.......

A public library (with a HUGE DVD selection) opened next door to the Hollywood video outlet, shortly the HV store closed. They couldn't compete with free....the library's "system" is very cool. I go online, search/select the movies I want. Library staff pulls them and puts them on hold for me. If the movie is at a different branch, they bring it to my branch and send me e-mail letting me know it's ready. They have new releases (CD's too), so far no Blu-Ray though.......

#16 OFFLINE   ncxcstud

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Posted 18 March 2010 - 11:24 AM

I used to work at Blockbuster as well during the late 90s early 00s.

I began to see the writing on the wall once the switch to DVDs was made...reason, you can't rewind a DVD. Our store made GOBS of money because people didn't rewind their VHS tapes.

2nd instance was their crazy 'No Late Fees' deal that went on for a couple years. Rent a movie, keep it out as long as you want (as long as it wasn't more than 31 days) turn it back in for no charge? How did they see that it wouldn't lose money? Rental chains make money off late fees.

Those two instances, coupled with Netflix and Redbox have begun the cracking and jackhammering of Blockbuster's once very secure foundation.
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#17 OFFLINE   deweydm

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Posted 18 March 2010 - 11:36 AM

So over priced rentals from blockbuster are done for, so now they'll push over priced rentals via VOD:

http://www.nytimes.c...a/18demand.html

It really surprises me that apparently enough people will regularly pay $3 to $6 dollars for a single 24 hour rental that they think this will fly. As long as they don't figure out a way to kill redbox and/or netflix, good luck to them, I guess.

#18 OFFLINE   gregjones

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Posted 18 March 2010 - 12:01 PM

A lot of people will pay a high PPV price because they do not want to plan ahead and don't want a late fee. Is it what I do? No.

Some people get into a car and start driving before they decide where they will eat dinner. Some people decide what they want, call ahead and are seated immediately upon arrival. One is definitely more logical than the other. That doesn't mean that all people will have the forethought to do what is less expensive or greater value all the time. In short, never underestimate the number of people willing to avoid planning at considerably higher expense. As long as there are many of them on the earth, PPV will make money for all involved.

PS, It is amazing to me that many people that decry the 24-hour rule as evil will gladly accept a charge for each 24-hour period from Redbox. The amounts are different but the principle is the same. So if you're ok with one, you should be ok with the other. Then the argument is only about price per 24-hour period.

#19 OFFLINE   adamson

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Posted 18 March 2010 - 12:32 PM

Ok this really sucks because Netflix after a few yrs with them suddenly stopped taking my debit card and said only credit cards can be used now. Due to problems with peoples billing problems etc. How stupid this was made me go to Blockbuster for my movies via mail. Can anyone tell me if this has changed at Netflix?? Anybody using debit?? I was not happy about this and to bat my Roku is now without Netflix...but Pandora is nice :)

#20 OFFLINE   sigma1914

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Posted 18 March 2010 - 12:36 PM

Ok this really sucks because Netflix after a few yrs with them suddenly stopped taking my debit card and said only credit cards can be used now. Due to problems with peoples billing problems etc. How stupid this was made me go to Blockbuster for my movies via mail. Can anyone tell me if this has changed at Netflix?? Anybody using debit?? I was not happy about this and to bat my Roku is now without Netflix...but Pandora is nice :)


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#21 OFFLINE   Vin

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Posted 18 March 2010 - 12:54 PM

2nd instance was their crazy 'No Late Fees' deal that went on for a couple years. Rent a movie, keep it out as long as you want (as long as it wasn't more than 31 days) turn it back in for no charge? How did they see that it wouldn't lose money? Rental chains make money off late fees.


Along these lines, until recently they were allowing a 7 day grace period beyond the return date which meant 9 days total for new releases and 12 days for non-new releases. A couple of months ago this got even better when they increased the grace period to 10 days beyond the return date.

During my last visit (Sunday), upon checking out my non-new release DVD I was told, "due back on Friday". When I asked about the grace period I was told it not longer existed as of March 1st.

He then went on to tell me they would charge an extra $1 a day for 10 days, at which point it becomes an automatic sale (reversible if returned within 10 days of the sale).

For the record, I also use Redbox and I'm a Netflix member as well but would still use BB, mostly to use my BB Rewards Program free monthly non-new release coupon.
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#22 OFFLINE   anleva

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Posted 18 March 2010 - 01:17 PM

I prefer Blockbuster Online to Netflix so I'll be sorry to see them go. Since I have two Blockbuster stores within a mile of my house and can do the in store exchanges, it is a much better option for me. And the Blu-ray titles I want are usually available in-store as well. It's worked well for me.

If they do go out of business I'm off to Netflix again. After putting together a nice home theater I just can't accept the lower audio and video quality and higher prices per movie of DirecTV Cinema, no matter how convenient.

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Posted 18 March 2010 - 01:21 PM

I didn't know this thread was here when I posted my topic about it, sorry about that. I should use the search function more often.

They have the clearance sale signs up at my local Blockbuster. I wonder if they are still going to try and go with all Kiosk's and that will save them?

#24 OFFLINE   bobnielsen

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Posted 18 March 2010 - 01:29 PM

The only rentals near me are Safeway and an independent store (which has a pretty good selection). The prices of both are slightly better than Directv On Demand, not even close to Redbox, but the nearest one of those is 15 miles away. Hollywood is about the same distance and Blockbuster is even further. I'm on the Netflix 30-day free trial but haven't decided whether to keep is (good so far for both online streaming with my BD player and DVDs by mail). I understand that a lot of McDonalds have Redbox, but none in this area.

#25 OFFLINE   xmguy

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Posted 18 March 2010 - 03:24 PM

I've been with Netflix since 2006. I love it. I get the basic package for $8.99. I get shows like Dallas that regular TV no longer airs in syndication. I also stream online. I was surprised a few years back when Netflix actually went DOWN in monthly costs.

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