As if they didn't have enough problems competing (or refusing to compete) with Netflix, now it appears that the official announcement from Apple that they'll be offering movies for rental from iTunes has stockholders worried. After the official announcement from Apple today, Blockbuster shares dropped more than 15% to $2.69.
According to the Associated Press, Blockbuster spokeswoman Karen ... [ read the full article ]
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This drop does not surprise me. Blockbuster tends to wait until other companies' good ideas become very popular before adopting them. They are also looking into the kiosk business as well.
In the end their attempts at keeping their business afloat will be too little too late as other companies that are willing to take the risks now will be the main choice for consumers. With the popularity of iTunes and Netflix, Blockbuster does not stand a chance at getting good business from online video viewing.
I personally have not gone to blockbuster in months since their in store selection is very limited, and I have Netflix.
I've got a BlockBuster here locally. I have an active card and haven't rented from them coporate hoochies in a long time, and probably won't.
Instead, i use a local mom and pop video store. I convince all my friends to rent from there in an attempt to make sure BB doesn't force them to close there doors.
I'm not suprised to see the drop and hope it continues. I'm no fan of the Blockbuster franchise, though i raid their dumpster frequently for Dvd cases. :)
