Netflix is widely credited with putting Blockbuster Video out of business. Ah, our apologies: Kids, Blockbuster was a brick-and-mortar store where DVDs were rented. It was a prehistoric time, before streaming, which we call the dark days. 2004 with more than 60,000 employees and 9,000 stores. What Blockbuster didn’t consider was the power of online streaming and the Internet. Netflix now dominates the world’s video markets with $6.8 billion in annual revenue and no pesky overhead for maintaining retail stores.
The weird thing brings us to fact #1:
Blockbuster Had Multiple Chances to Buy Netflix
In its prime, Blockbuster turned down many offers to buy its mail-order DVD and Internet-streaming rival. Netflix was offered for a mere $50 million. The company is now valued at $20 billion.