In response to Netflix Inc.’s (NASDAQ:NFLX) announcement about launching “Netflix House,” Blockbuster has issued a playful comment, prompting discussions about the potential success of the streaming giant’s latest venture in immersive entertainment.
Last week, Netflix unveiled a project that would allow entertainment enthusiasts to step into the universe of their beloved TV shows and movies, shop for merchandise, savor themed cuisines, and engage in activities inspired by popular series like the Squid Game.
This will be the first that the giant will be opening up a retail store to increase their revenue.
While many people are excited about this development, not everyone is convinced that Netflix’s ambitious venture will be a resounding success. Blockbuster, the once-mighty video rental chain that ultimately succumbed to the digital streaming revolution, couldn’t resist the opportunity to chime in.
Blockbuster made profits off of late fees at the prime of their generation. Netflix first started in the DVD where it was mailing to the customers rentals and returns by mail.
In a post on X (formerly Twitter) that’s equal parts humor and nostalgia, Blockbuster stated, “Oh boy… Should we tell @netflix how this ends?”
The comment is a tongue-in-cheek reference to Blockbuster’s own demise, as the company failed to adapt to the changing landscape of the entertainment industry, ultimately leading to its downfall.
Interestingly, Marc Randolph, Netflix’s first CEO, recollected in April how he and his cofounder once tried to sell the company to Amazon and even Blockbuster but were laughed off.
For the unversed, at its peak, Blockbuster had more than 9,000 stores, but the retailer suffered from competition like Netflix’s DVD-by-mail service and the growth of streaming services, leading it to file bankruptcy in 2010.
The former retail giant now manages only one remaining store in Bend, Oregon, and has been in the spotlight for its X account for its playful diss and somewhat self-deprecating posts on the platform, along with a promotion it ran to host a sleepover in the store in 2020.
The initial two stores under the “Netflix House” project will reportedly open in the U.S. by 2025, with plans to take this idea to other countries after that.
Meanwhile, after reports of Netflix planning to end its DVD-by-mail service earlier this month, it was reported that Best Buy also intends to discontinue in-store and online DVDs beginning in 2024.
Produced in association with Benzinga
