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Netflix has Blockbuster on the ropes
Written by Daniel   
Tuesday, 09 February 2010 18:35

From C/Net News

Blockbuster was once one of the cornerstones of weekends and movie viewing, nearly as much a part of home entertainment as the TV set.
As Blockbuster yet again rethinks its move-rental business, the beleaguered company continues to lose ground to Netflix and Redbox.

No more.



Amazingly, Blockbuster's stock is trading at 40 cents a share following the company's announcement that it had undergone another round of layoffs and corporate restructuring. Last month the once dominate video-rental chain informed investors that it would miss revenue expectations for the fourth quarter due to lagging holiday sales. Blockbuster said it expects to report a loss of up to $193 million for 2009.

Jeanine Poggi at theStreet.com last week interviewed Blockbuster CEO James Keyes, who acknowledged that Netflix and Redbox continue to snatch away market share from his company. Last month Keyes said at a conference that Netflix was taking "demand out of the market."     [More...] [Comments...]

 

 

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