Page 11 - Old School Gamer Magazine Issue #43 FREE Edition

its bid for Paramount in the bidding war with QVC Network Inc.
Blockbuster introduced practices like late fees and a membership model, which became standard in the industry. Somewhere, if I look,
I still have my Blockbuster Video membership card. Blockbuster
had a great rewards program; the benefits may have evolved over the years, but there was something free every week or month. I always took advantage of that perk.
One thing I thought was cool was most Blockbuster stores had a snack section. They stocked some of my favorites like Twizzlers, Milk Duds, and M&Ms. They also had drinks, chips, pretzels, ice cream, and for some reason, pickles. Blockbuster had a variety of microwave and stovetop popcorn too, from big tubs to small packets.
From 2003 to 2005, Blockbuster lost 75% of its market value as competition increased from Netflix and Redbox. Blockbuster's $500 million in annual late fees dwindled as no-late-fee competitors stole
market share. In 2004, a year in which Netflix’s annual revenue hit $500 million, Blockbuster debuted its own online DVD subscription service called Blockbuster Online.
Also in 2004, Blockbuster opened store-within-a-store video game rental and sales stores called GameRush inside Blockbuster locations in limited markets. Blockbuster also acquired Rhino Video Games, a chain of video game stores in the Southwest, and operated it alongside GameRush. These stores sold and bought DVDs, games, game consoles,
and accessories. GameRush was positioned as a direct competitor to stores such as GameStop
and GameCrazy. Also in 2004, Blockbuster split off from Viacom and then launched an online DVD rental service to compete with Netflix. The venture was not successful.
In 2005, Blockbuster withdrew its nearly $1-billion bid to acquire No. 2 player Hollywood Entertainment Corp., citing fears that federal antitrust regulators would
challenge the purchase.
In 2010, Blockbuster filed for bankruptcy amid declining sales and an inability to adapt quickly to changing consumer preferences.
As of April 2024, the last Blockbuster store is located in
the quaint town of Bend, Oregon.
It has become a unique tourist destination, attracting visitors from far and wide who seek to experience a nostalgic glimpse into the video rental era. While the store’s primary focus has shifted from video rentals to the sale of merchandise, it
serves as a poignant symbol of the resilience and adaptability required to survive in an ever-evolving marketplace. Shoppers are attracted to the store's nostalgic atmosphere, recognizable Blockbuster branding, and the chance to step back into the golden age of video rental culture.
Blockbuster Video was also international with stores all over the world, including Australia, New Zealand, Peru, and Israel, to name a few. Along the way, all of those stores closed their doors as well.
NOVEMBER 2024 • WWW.OLDSCHOOLGAMER.COM
11