[/caption]It is a sentimental journey one goes on when thinking of the demise of the movie rental company, Blockbuster Video.
If you are old enough, you will remember when the movie rental company came to the fore, and provided and fostered the means of having a family enjoy a weekend watching movies, or provided the intimacy of staying inside with a date, or just hanging with your buddies and watching god awful movies.
Whatever category you fell in above, someone still had to physically go and pick up the movies. How many of us remembered one time or the other, arguing with the Blockbuster clerk because you were charged extra for not rewinding?
But life is about convenience, and no one wants to make the run down to Blockbuster, even if it is just a skip and a jump, when there are more convenient means available to enjoy a movie.
With Fancast, Hulu, and others providing the convenience of watching movies from the privacy and comfort of ones’ home, without making the trek to Blockbuster, they are contributing to the latter’s demise.
Blockbuster is badly in need of a white knight to rescue it, but I am afraid that not even the most famous of white knights can quicken the moribund Blockbuster.
Barron is reporting that Blockbuster’s shareholders rejected a reverse split, and with the stock [BBI] now trading below the one dollar threshold ($0.18) - a threshold needed to stay listed on an a major exchange – it is a given that Blockbuster will file for bankruptcy.
Blockbuster’s creditors have allowed the movie rental company to miss payments, so as to give it some breathing room, but not even that will save the Blockbuster from the final refuge of bankruptcy.
I hope that I am premature, but if I am not: thanks for the memories Blockbuster.
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