How did ignoring innovation kill Blockbuster?

Ever heard of a company called #Blockbuster? In this blog post, we will talk about the partnership that never happened between #Netflix and Blockbuster. If you’re a millennial, you may recognize the name of this company or hear about it in a movie, but if you’re Gen Z, you will have no clue what this company is.?

Why didn’t the younger generations hear about Blockbuster before?

Blockbuster was a company like Netflix in the 2000s in its beginnings, they were renting Videotapes and DVDs to individuals. So, what happened? Well, Blockbuster, unfortunately, missed a major #businessgrowth opportunity that was offered by Netflix.

It all started in the year 2000, when Netflix’s founder Reed Hastings and co-founder Marc Randolph held a meeting with the CFO of Blockbuster, John Antioco, to reach a partnership where Netflix proposed to run the online websites for both companies and let Blockbuster run the physical stores for both companies. Yes, Netflix has had a website since 1998.?

The CFO of Blockbuster mocked them, saying that they were a small niche business. Later on, Netflix expanded, made more profits every year and became the company it is today. Blockbuster filed for #bankruptcy in 2010.?

This case will remind you of Nokia’s case, they both have two common factors:

Ignoring innovation, and ignorance of what the market wants.?

Always keep up with the market updates, so you don’t end up out of it

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