See what happens when you cling to the past? Blockbuster might be about to go broke, unable to save itself from bankruptcy or get out from under a mountain of debt. Because of that, Blockbuster CEO Jim Keyes says he has "substantial doubt about our ability to continue as a going concern."
Way to go, Netflix. Without the burden of Blockbuster's thousands of brick-and-mortar stores, you've shown Blockbuster that people would rather walk to their mailboxes than drive to a store — twice — to watch a video. Noticing that phenomenon late in the game, Blockbuster bravely tried to play catch-up/me-too with Netflix, only to spend itself into oblivion.
Too bad. If Blockbuster really does go bust, will Netflix take advantage of the lack of competition and raise prices even further? Victory is sweet, but for whom? Certainly not for the vanquished, and maybe not for us movie buffs, either.
Reuters, via CrunchGear