4:03 PM
T-Tech
There used to be a time when if you wanted to rent a movie you would go to Blockbuster. Now with other places such as Family Video, RedBox and most notably Netflix, Blockbuster has gone bankrupt along with the 1000s of other companies during this recession. Blockbuster has about $1 billion in debt which will be reduced to just $100 million.
How did such a giant go bankrupt? I say that the number one cause is Netflix. Netflix allowed people to choose whatever movies they wanted with no late fees and the best part is that the movies would be delivered to your home. All you have to do is walk to your mailbox, get your movie, watch it, and send it back through the mail in pre-paid envelopes. Netflix will then send you your next movie automatically.
After seeing their income plummet, because of Netflix, Blockbuster decided to get into the online movie delivery system too. They even offered video games and you could switch any movie you got through the mail at any Blockbuster store. Unfortunately, they were too late, the public had already chosen Netflix as their preferred movie provider; Blockbuster never stood a chance.
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