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In early 2000, when Blockbuster was a $6-billion-a-year video-rental company with more than 9,000 retail outlets around the world, Netflix founders Reed Hastings and Marc Randolph offered to sell Netflix to Blockbuster for $50 million. Netflix was still in its infancy—and still mailing DVDs to its 300,000 clients. According to Hastings, Netflix’s losses for that year alone would total $57 million. Yet, by 2010, Blockbuster was declaring bankruptcy while Netflix was expanding its streaming service to international markets. By 2020, Netflix was serving 200 million subscribers and enjoying revenues of $25 billion a year. Why did Netflix thrive while Blockbuster floundered? The answer is simple: Blockbuster forgot to swivel. They lacked the ability to remain nimble in the face of potentially business-changing opportunities. Netflix took advantage of the opportunities available to them by identifying a massive disruptor: streaming over the internet. Who would have guessed that being able to watch unlimited videos, on demand, for under $10 month, without ever leaving your living room, would prove a more compelling proposition than schlepping to the video store twice a week?
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CONNECT | 2022 ISSUE 1
