Blockbuster Video: A warning from History
A blockbuster originally started out as the name of a bomb designed to level a city block in wartime. Since then it has become associated with a major commercial cinema hit. This then became the name of a once booming video rental chain empire, an empire that came crashing down in 2013 in the face of complete technological obsolescence, irrelevance and Netflix. Blockbuster’s hubris during the rise of Netflix is now legendary after the company turned down the opportunity to buy its burgeoning competitor due to fears that it would undermine its core rental business which is now a historical curiosity in the same way as TV rentals. Hindsight being 20-20 this is a great lesson for any modern media or technology company. Never underestimate your own relevance. I share this cautionary tale as we face the inevitable decline of televisual and media empires. The media empires have existed more or less the same way for about 50 years. Print and broadcast dominated the schema. Then ...