18.07.18 Blockbuster

July 18, 2018
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LAST VHS STANDING

In its heyday, a new Blockbuster store opened every 17 hours,A but now only one remains in theA US…A and it may have a $40 late fee to blame for its downfall.

Be Kind, Please Rewind.

Internet Killed the Video Store

  • Last remaining store is in Bend, OregonA after 2 close inA Alaska.
  • It’s privately owned;A pays a licensing fee to Dish Network to use the Blockbuster name.
  • Its IBM computers run theA same floppy disks from 1990s renting DVDs, Blu-rays & video games.
  • No plans to close anytime soon.

The Ultimate Late Fee

Reed Hastings once said he created Netflix in 1997 out of frustration over a $40 Blockbuster fine after returning Apollo 13 late.

At its peak in 2004, Blockbuster had 9K stores. Filed for bankruptcy in 2010.

Today, Netflix has 125M global subscribers.

The real kicker? Blockbuster's CEO passed on an opportunity to buy Netflix back in 2000 when it was just a DVD mailing company. The asking price? $50 Million. Netflix is now worth $163 BILLION. Read more about the decision here.

by Jenna Lee,

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