Dish Network recently picked up the scraps of Blockbuster Video in a bankruptcy auction for $230-million. It’s hard to believe that the company once sold for billions of dollars. Blockbuster used to be one of the mightiest forces in the movie industry, the company is now a cautionary tale of what happens to old media that doesn’t adapt to the new.
As I was reading this entertaining article on TechCrunch, I was linked to this excellent timeline of Blockbuster’s demise on Fast Company. It’s amazing that the company was so dismissive of Netflix and ignored obvious trends until it was too late. CEO Jim Keyes (former president of 7-Eleven) has some excellent quotes in the timeline, most of which make him seem like a moron that was better off hocking Slurpees.
I’ve always hated Blockbuster ever since it put the local mom-and-pop video-store out of business when I was in high school. Sure I gave the company lots of money over the years, but it was mostly because there weren’t many other options. While it’s sad that lots of people lost their Blockbuster jobs in recent years, I’m happy that geek Darwinism left the company to die.