COLLEGE OF COMMERCE

A MONSTER COMPANY DRIFTS FROM THE MAINSTREAM: A TERM PAPER

ON HOW BLOCKBUSTER INC FAILED IN INTERNATIONAL RETAILING

ENTERTAINMENT INDUSTRY

Micah Jendy Z. Amit, Chaella Jone V. Canto, Carmela Marie P. Carreon, Cindy Lou

G. Lura, and Conie Rose E. Pulmones

College of Commerce, University of San Agustin

AE 05 – International Business & Trade

The Faculty of the Department of Accountancy

November 2023

Mr. Salvador B. Silva III, MBA

120 YEARS OF AUGUSTINIAN EXCELLENCE IN VIRTUS ET

SCIENTIA
Contact No.: +63 919 410 4009 |Fax No.: (033) 337-4403
Email: cma@usa.edu.ph | Website: www.usa.edu.ph
COMPANY PROFILE

Blockbuster Inc. is a video rental chain in the world where they provide in-home rental, retail movie, and

game entertainment which are the largest providers in the industry. They serve approximately three million

customers a day in the United States and their other locations nationwide. David Cook, the founder of the

company, initially had a different goal: to supply computer software services in Texas’ oil as well as gas industry

under a formerly known “Cook Data Service Inc.”. However, his wife, a movie fan, saw a great opportunity with

the movie rental business and started her research. Cook saw that the video rental was highly fragmented and

only carried a small selection of former big hit movies. In addition, providing a large selection requires a large

investment capital, as distributors typically charged $70 per tape. Stores also stored their tapes behind counters,

generally not displayed. The operation can be greatly streamlined for control in its inventory and the checkout

process. This is when his software background became his advantage. After a thorough research of his wife

regarding the industry, he decided to sell his oil and gas software business to venture in a movie rental business.

PRODUCTS OFFERED

Blockbuster was an American company that rented out home movies and video games through video

rental stores, DVD-by-mail, streaming, video on demand, and cinema theaters. Exclusive deals with publishers

were used by Blockbuster to transfer cost savings through to customers. Customers were charged a monthly fee

for video rental. Blockbuster not only benefited from a reduced starting cost but also from the fact that, during

initial release periods, movies were typically not available for purchase at reasonable prices. Customers were

thus given the option of renting, waiting, or purchasing the film on tape at the significantly higher manufacturer's

suggested retail price aimed at rival rental chains and film fans, which at the time ranged between $70-$100 per

movie.

In an attempt to expand its market, Blockbuster also offered to sell video games and video game

equipment, CDs, and audio cassettes. As it acquired various entertainment companies, it was opened to different

opportunities leading to a balloon of success. Upon the leadership of Steven Berrard, he turned the rental

entertainment into a complete entertainment hub offering t-shirts, toys, snacks, books, magazines, and CDs in

addition to the video rentals. Moreover, with the rapid change in technology and potential threat of new rivalry,

Blockbuster also offered an online subscription service, where DVDs can be delivered to customers without a

shipping fee. In addition, it also adapted to the emerging online movie rental companies entering e-commerce.
REASONS OF FAILURE

1. Walking Away from the Deal of the Century

Blockbuster made a critical error when it walked away from a deal with Netflix. Netflix wanted to sell its

company to Blockbuster for $50 million in 2000, yes this really happened. Netflix was still a young upstart in

those days having only launched its business three years earlier. If the deal went through Netflix would have

managed Blockbuster’s online business.

At the time Blockbuster could have afforded the purchase price since it had raised $465 million in an

IPO a year earlier. But Blockbuster passed on the deal claiming the price was too high. Speaking about what

happened, Netflix’s former CFO Barry McCarthy says Blockbuster “laughed us out of their office.”

Three years after Blockbuster turned down Netflix’s offer Netflix had more than one million subscribers

and by 2006 Netflix had six million subscribers. Before too long Netflix was no longer the underdog, it was

building a loyal and growing customer base.

2. Inability to Pivot Quickly

Blockbuster was skeptical about the potential of renting DVDs online and sending them to customers via

mail the way Netflix did. But customers enjoyed Netflix’s service because it was convenient. You no longer had to

go to a Blockbuster to get the movie you wanted to see or the video game you wanted to play. Instead, you could

simply go online, select the movie you wanted to see and voila it would show up in your mailbox a few days later.

It’s not unlike Amazon’s entrance into the eCommerce market in the 1990s. Amazon provided a more convenient

way to shop but it was difficult for many companies at that time to see the potential of eCommerce. As Netflix

continued to gain subscribers it took Blockbuster six years to launch a similar service of its own in 2004 called

Blockbuster Online. While Netflix was able to eat its own lunch by launching a small streaming service in 2007

which would eventually displace its video rental business Blockbuster was unable to pivot fast enough again into

streaming, essentially sealing its fate. “My greatest fear at Netflix has been that we wouldn’t make the leap from

success in DVDs to success in streaming. Most companies that are great at something — like AOL (AOL) dialup

or Borders bookstores – do not become great at new things people want (streaming for us) because they are

afraid to hurt their initial business. Eventually these companies realize their error of not focusing enough on the

new thing, and then the company fights desperately and hopelessly to recover. Companies rarely die from

moving too fast, and they frequently die from moving too slowly,” said Reid Hastings, Netflix’s co-founder and co-

CEO.
 3. Poor Execution

One of Blockbuster’s main sources of revenues were late fees. If you didn’t return your movie rental on

time you were charged a dollar a day. Those fees amounted to $800 million in 2000 or 16% of Blockbuster’s

revenues. Netflix on the other hand did not charge any late fees at all, just one flat fee. In fact, Hastings started

Netflix because he was annoyed about a $40 late fee he had to pay for renting out Apollo 13 from Blockbuster.

However, to compete with Netflix’s growing business, Blockbuster ended up canceling late fees putting

a dent in its revenues, but even when Blockbuster canceled late fees it couldn’t catch a break. It faced a new

challenge in that customers started to keep movies for longer periods of time, since there was no penalty,

meaning that those titles weren’t available to be rented out to others.

In 2006, Blockbuster launched a program called Total Access where online customers could return

rentals to Blockbuster stores and in exchange, they received a DVD rental for free all for one low flat fee. The

program was hugely successful, but it came at a cost, Blockbuster lost $2 each time a customer exchanged a

DVD through the program. To stem heavy losses from the program Blockbuster had to raise the price of the

program causing customer churn.

4. Inability to Compete with Larger Rivals

During the 1990s, Virgin Megastores, Sam Goody, Suncoast Video, Hollywood Video, and Movie

Gallery were the competitors of Blockbuster. Large-box stores like Walmart, Target, and Best Buy also had an

impact on Blockbuster's decline, even though many people only emphasize Netflix's part in it. In an attempt to get

customers in, they offered DVDs at a low price. Blockbuster's earnings were impacted less because customers

didn't need to rent as many DVDs.

Blockbuster lacked the funds to invest in cutting-edge models that would have kept it competitive. Its

operating costs must have been greater than those of its online competitors because it is a brick-and-mortar

company with more than 9,000 locations. In addition, the company's earnings decreased because it had taken

out a $950 million loan to cover dividends. Blockbuster's earnings and revenue were negatively impacted by

Netflix, Redbox, Amazon, Outerwall, and Cummins-Alison's improved business models, which did away with the

need to visit a physical location in order to rent a game or a movie.

Blockbuster's demise was caused by its poor customer service, high rental costs, incapacity to

comprehend and adjust to customer preferences, and inability to adapt to shifting market conditions. Blockbuster
was eventually overtaken by Netflix, which saw market trends and provided a more user-friendly and convenient

model. When exactly did Blockbuster cease operations? Blockbuster declared bankruptcy in 2010. The business

owes $1 billion in debt. You need to be aware of the rivals. Establish yourself as the clear market leader, provide

incredibly unique services and goods, lower exit barriers so that more companies can close without incurring

large losses, raise the financial and physiological costs of switching for customers, and develop a market where a

limited number of companies can compete. Blockbuster faces a significant challenge from rival companies, which

has shown to be the deadliest. They could maintain their lead over their rivals by continuing to develop new

technologies. Blockbuster already had an incredibly efficient network that was reliable and strong. Their closed

network could be adjusted to allow fresh information to enter. To increase the cost of switching, the business

might also concentrate on preserving enduring relationships with its clients.

5. Flawed Business Model

When Blockbuster reached its peak in 2004, it had roughly 9,000 locations worldwide. $800,000 was

invested in outfitting the first Blockbuster store and its inventory of movie titles. Customers had an abundance of

options upon opening day, as the store had approximately 10,000 titles available for rental at the time. In the

early 2000s, Blockbuster expanded its operations to include new distribution channels. Blockbuster and NCR

Corporation ("NCR") introduced Blockbuster Express at the beginning of 2009. Vending machines bearing the

BLOCKBUSTER Express trademark were placed in direct competition with another company that rents out

movies via vending machines. About 6,630 NCR kiosks were running under the BLOCKBUSTER Express name

in the US as of September 19, 2010.

The business model is unstable when the primary function of the company is fee extraction rather than

service provision. Blockbuster's failure as a business stemmed from its inability to see itself as anything more

than a throwback to the late fee period. Blockbuster faced financial difficulties for the majority of its existence. For

instance, only two of the years between 1996 and 2010 saw Blockbuster turn a profit, raising doubts about the

general viability of the company's business model even before other competitors joined the market and making it

even harder for Blockbuster to be successful.

6. Leadership Crisis

To help the company grow, they decided to hold an initial stock offering to raise funds. However, just

days before the sale, an article appeared that severely harmed the company. The article written by a financial

columnist questioned the company's ability to the former industry they are in, which is far from the movie rental

industry. As a result, the company lost $3.2 million in 1986.

 In February 1987, Cook sold Blockbuster Inc to a group of investors. The world's largest waste disposal

company, Waste Management Inc. members John Melk, Wayne Huizenga, and Donald Flynn were the first to

invest. The group invested $18.6 million. As the group of investors became a part of the company, Cook chose to

fully relinquish control to Huizenga, who became the company's dominant voice in determining its future. Cook

initially thought that the company would grow through franchising, with individual entrepreneurs selling the

computer system and the company name, but Huizenga sees growth through company ownership of stores.

Cook left the company in April 1987, two months after the men from Waste Management Inc. invested in

Blockbuster Incorporated, and the company's headquarters were soon relocated to Fort Lauderdale.

7. Heavy Debt Burden

Blockbuster makes a substantial amount of money from late fees, which were projected to be worth

$300 million in 2004. This is something that cannot be collected if the consumer has an unlimited rental

subscription. They were generating a significant amount of cash from late fees and were adamant about

changing their structure to something that would eliminate this source of income. However, in 2004, they began

offering a subscription service called Blockbuster movie routes. They also announced the removal of late fees

starting the next year. However, if you're still renting out movies using the old-fashioned method, late fines are

rather unavoidable. They needed those movies returned on time, and the consumer was motivated to do so by

the late costs. By late 2006, they had finally attempted to penetrate every market. Their next online subscription

service, Blockbuster Total Access, lets users check out many movies at once and was introduced at that time

through the mail just like Netflix or they can be exchanged at any Blockbuster location. However, it swiftly lost

customers because it was more expensive than Netflix, and the convenience of switching DVDs in-store probably

wasn't worth the extra money for the customer.

In 2010, blockbuster declared bankruptcy. It has an estimated $1billion debt leading to Dish Network

purchasing the company hopeful for a twist of fate, nevertheless efforts were not enough to salvage the losing

business. Continuing the retailing, many investors regretted investing due to its losses and had given up later

resulting in heavy debt burden of Blockbuster Inc.

8. Hubris

Blockbuster Inc. could have saved what’s left for the company, however hubris digs deeper than the

height of reign. It neglected various opportunities by solely believing in the success of its brand in the industry

that led to nowhere but bankruptcy and disappearance. Jonathan Baskins, in his article in Forbes, laid out

important key factors that contributed to the arrogance of the company. Blockbuster, although offering their

customers the entertainment they wish to watch, they neglected the fact that the way they see these
entertainments may change over time. Proof of today says that people may have enjoyed watching through VHS

before, but globalization affects these changes to how digitized the world is now. Moreover, Blockbuster could

have solidified their foundation of the brand to keep up with the changing customer perceptions, but instead it

chose to cut corners. They prioritized the opportunity t

9. Inability to Understand the Customers’ Needs

Blockbuster used to be popular and used to have their stores everywhere. It caters the customers by

allowing them to choose from a wide variety of vintage black and white classic films. It also includes a popcorn

shop which is most likely the partner food when watching a movie. Everything needed for watching and munching

was in one place. It is the most practical platform to go to when you want to watch movies at home. However,

technology is continuously evolving, as with the customers’ desires. Thus, it is essential to have a grasp of the

customers’ wants and needs. Blockbuster was confident on its own and did not consider what the customers

really wanted. It took advantage of the late fees and underrated the customers’ desires for old titles and there

were not many new releases available. Moreover, they tend to reject the offer of Netflix which can be room for

improvement where they can operate and provide film online. Therefore, Blockbuster's lack of connection to its

clientele and the marketplace was a major factor in its demise. Additionally, they did not respect or care about the

opinions of their clients.

Before, it was more convenient to have established stores on every corner which allowed customers to

easily obtain a copy of a movie, however, as the technology is rising and competitors are emerging, having to go

to a store is bothersome when you can have it online. Thus, Blockbuster ought to have taken its customers'

feedback seriously and should be willing to try new things or innovate together with the changing economy.

10. Poor Brand Image

Blockbuster was known for its new releases, with its assumption that people are fond of new releases. It

became their foundation as they built their name and logo. Their marketing strategy was strengthened by it, and

they even ensured that new titles would be available on opening weekend. Their strategy was an attack on

competitors, which emphasizes the instant gratification that only Blockbuster could offer in terms of new releases.

As new films are released, old ones are sold off as previously viewed, and some copies of them are sent back to

the warehouse. Blockbuster’s revenue is primarily from new releases, which was their winning strategy.

However, a handful of revenues also came from late fees from customers. It seems that they intentionally

penalize customers. The belief of Blockbuster that customers only like new releases made them establish a

short-term business, in a way that they did not consider innovating, and expanding their scope or figuring out
fresh approaches to draw clients despite significant changes to their industry. People like not only new releases

but a film that is entertaining, whether recent or not.

Building a brand does not necessarily mean having a good logo or tagline, it is about the knowledge and

understanding of the company, its vision, and why it is important to customers. Customers play a huge part in

business. They are the ones who build up the business through their patronage. In creating a brand, it is

important to consider the desires of the customers. Thus, possessing an ideal brand is essential in developing

and implementing an effective business strategy.

11. Pricing and Product Strategy

Blockbuster mistakenly believed that consumers wanted the idea to enter a store to pick up a movie and

some food. However, it turned out that customers most likely want to watch movies and enjoy snacks without

leaving their homes to rent a disc. There comes Netflix which made its debut in the market by mailing the DVDs

directly to your homes. The main selling point of Blockbuster was the ability to rent Hollywood blockbuster movies

on DVD as opposed to purchasing them. Additionally, they offered many DVDs that could be rented out

repeatedly which was a revenue model that was more profitable than purchasing one outright. Their value

proposition and pricing, though, were transient. Their business model quickly approached the end of its life cycle

as the world changed.

Blockbuster should have evolved as its competitors arose. Customers would rather consider having a

product that is convenient even with the cost of having a new brand. Also, the company should consider revising

its business model, even if it would cost money. Investing and innovating are essential to the growth of the

business.

12. Misleading Accounting Practices

Blockbuster encountered a problem when they attempted to purchase the other chains using stock in

April 1989. In a report, a major brokerage analyst criticized the company's allegedly deceptive accounting

practices. Blockbuster estimated its profits by dividing the expenses of acquiring chains of video stores and

starting new stores over a forty-year period. Moreover, it dispersed the expense of buying a lot of well-liked tapes

over a three-year period, which was far longer than the time that tapes would hold their value. Moreover,

franchise fees were responsible for 28% of the company's total revenue. Notwithstanding this criticism,

Blockbuster declined to modify its accounting practices, and ultimately the company's stock price stabilized.

Following the sale of their 28 franchised Blockbuster locations by the company's largest shareholder, United Artis

Entertainment Company, they announced in November 1989 that they were selling their 12 percent stake in the

business, which included Blockbuster's ability to continue opening new locations.

RECOMMENDATIONS

• Joint Venture: The entertainment sector was undergoing a transformation from physical rentals to digital

streaming. It was imperative for Blockbuster to acknowledge this shift and be more receptive to embracing

new technologies and business models. Staying attuned to industry trends and demonstrating a willingness

to adapt was essential. Instead of dismissing Netflix's proposal, Blockbuster could have explored innovative

partnerships or collaborations. Collaborative approaches could have facilitated established companies in

accessing new technologies and customer bases, resulting in mutually beneficial outcomes.

Blockbuster could have explored strategic alliances or mergers with technology companies to

leverage their expertise in online services. This would have accelerated their entry into the online rental and

streaming space. They could have used scenario planning which involves considering various future

scenarios and developing strategies for each. By preparing for a range of possibilities, they would have been

better equipped to respond to changes in the market.

• Market Penetration: Blockbuster could have explored partnerships with content providers and studios to

secure exclusive content and gain a competitive advantage. Collaborating with other businesses, including

potential competitors, can be a way to share resources and knowledge to stay relevant in the market. When

launching the Total Access program, Blockbuster should have conducted a thorough cost-benefit analysis.

They could have explored different pricing models, as well as alternatives to reduce the losses, such as

limiting the number of free DVD rentals or restricting the program to loyal customers.

Blockbuster should have focused on retaining its existing customer base. They could have

introduced incentives for loyal customers, provided personalized recommendations, and improved their

customer service to keep customers engaged and reduce churn. Investing in technology and infrastructure

for an online streaming platform would have positioned Blockbuster better to compete with Netflix. They

needed to recognize the growing trend of online streaming and adapt to it.

• Product Development: Agility is key. Companies must be prepared to pivot quickly when necessary.

Blockbuster should have been more willing to experiment with new models and services, even if it meant

disrupting their existing business. They could have adapted to online rentals and streaming faster. Also,

innovation is a critical component, where companies should continually seek ways to improve their products

and services. Blockbuster could have developed its own online streaming platform or formed partnerships

with tech companies to stay competitive.

 Technology is a significant driver of change in many industries. Blockbuster should have

invested more in technology infrastructure and expertise to keep pace with the evolving industry landscape.

Strategic plans should be reviewed and updated regularly. Blockbuster's failure to adapt suggests that they

may not have been reviewing their strategic plan frequently enough to incorporate changes in the market.

Moreover, Blockbuster should have been more agile and willing to innovate. Instead of just eliminating late

fees and causing customer dissatisfaction, they could have explored new business models, like offering

subscription-based services similar to Netflix. This way, they could have transitioned smoothly into the digital

era. Blockbuster should have closely monitored and analyzed its competition, especially Netflix.

Understanding the strengths and weaknesses of the competition would have helped them to formulate more

effective strategies. Regular market research would have been instrumental in identifying emerging customer

preferences.

• Market Development: Blockbuster embarked on an aggressive expansion strategy during the peak of its

business. Although it is a strategy that worked and earned so much profit, the risks associated with it were

also higher. Considering all other reasons why Blockbuster failed, specifically the inability to adapt to the

changing market conditions, it was not able to recover all the losses from being bankrupt. The company

should have used a more cautious approach to aggression. Developing the market is not the issue, it was

the approach. Solidifying the development of its product and establishing a strong customer base should

have been prioritized instead of market development.

• Departmental Strategies: Blockbuster should be able to solve disputes within the company. Internal

foundation is as important as stabilizing the future of the general accomplishment in the business. One of the

failures of the company is its leadership disputes, which in turn, have caused inconsistencies towards the

strategies and values of the stakeholders. Shareholders, also, cannot be able to provide trust and confidence

to the company with leaders not in proper respect. It is also crucial that in building a company, values start

with whoever stands within the company to provide the same values to the end-users. Moreover, employing

scenario planning for various potential outcomes of strategic decisions could have aided Blockbuster in

preparing for a range of possibilities. Engaging in scenario planning would have enabled Blockbuster to

assess the potential consequences of acquiring Netflix and its impact on their business. Nurturing a culture

that embraces innovation and change is fundamental. Blockbuster's existing culture appeared resistant to

change, which can be detrimental in dynamic industries. Encouraging a culture open to new ideas and

opportunities is indispensable.

• Vertical Integration: Blockbuster could have adopted a more customer-centric approach. Leveraging their

extensive customer base, they could have smoothly transitioned into the digital era by understanding and

catering to changing customer preferences. Companies should prioritize long-term vision over short-term
 gains. Despite the seemingly substantial $50 million investment at the time, it had the potential for

exponential returns in the long run. Strategic decisions should always have a horizon extending beyond

immediate financial concerns.

Blockbuster failed to recognize that customers wanted convenience and online access to

movies. They should have conducted market research to understand customer preferences and adapted

their business model accordingly. Staying customer-centric is essential to identifying evolving customer

needs. Blockbuster should have actively monitored the external environment, including the actions of

competitors like Netflix. Regular environmental scanning helps a company identify emerging trends and

competitive threats. In this case, Blockbuster's failure to identify Netflix's potential and rapid growth was a

strategic misstep.

• Understanding SWOT Analysis and Porter’s Five Forces of Competition: Thoroughly evaluating risks

and rewards was of paramount importance. Blockbuster should have conducted a comprehensive

assessment of the long-term potential associated with the $50 million acquisition of Netflix, considering the

financial stability and growth prospects of the latter. A strategic risk analysis might have revealed that this

was a low-risk, high-reward opportunity. Additionally, conducting a competitive analysis to discern Netflix's

strengths and weaknesses would have been prudent. This analysis might have revealed that Netflix's

subscription model and online streaming concept had the potential to disrupt Blockbuster's business.

Blockbuster might have been overly cautious and risk-averse. They should have conducted

thorough risk assessments and implemented risk mitigation strategies. They could have tested new services

on a smaller scale to minimize potential losses if they didn't work out. Blockbuster's corporate culture may

have been resistant to change. It's important to foster a culture that encourages innovation and rewards

employees for bringing forward new ideas. This can help the company adapt more quickly to market

changes. Blockbuster’s management demonstrated a lack of strategic adaptability when they dismissed

Netflix's proposal with laughter. In rapidly evolving industries, companies must be agile and responsive to

emerging opportunities, even when these opportunities appear unconventional at the time.
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