And so Blockbuster has filed for bankruptcy. One of the most prominent retail outlets for three decades, it was overtaken by technology. This was always going to happen. It's a warning for other industries and executives in the music and newspaper industry will be taking note, worrying about their future.
Blockbuster was overtaken by Netflix which lets users stream videos on to their computers, Vudu, an on demand movie service that you use with Blu-Ray players and Apple TV which uses a set-top box that connects to a high-definition television and which shows rented movies and TV shows that are either streamed from Apple's own service or from Netflix. Apple TV can also stream YouTube clips. As Jim Willcox from Consumer Reports told ABC News, Blockbuster's problem was that it was tied to the physical distribution of goods.
Blockbuster says business will go on as usual as it tries to reduce its $900 million in debt. This means the 3000 Blockbuster stores and kiosks around America will all continue to serve customers. But it will have to sell its stores, the days of bricks and mortar are numbered.
That's a warning for the newspaper and music industries. Unless they change their business models now, they will go the same way as Blockbuster
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