The Dallas Business Journal reports that even as Blockbuster Inc. tries to pursue a multi-delivery venue platform that will allow it to compete more effectively with the likes of Netflix, Redbox and even the iTunes Store, its first quarter US same-store sales were down 7.8 percent and global same-store sales were down 7.1 percent. The company posted a Q1 net loss of $65.4 million, compared to a profit of $27.7 million during the same period a year ago; Q1 revenue was $939.4 million, down from $1.09 billion a year ago.
- KC's View:
- The lesson is clear. No business model is unassailable. By standing pat for too long, Blockbuster virtually assured its eventual irrelevance and obsolescence.