In response to Netflix Inc.’s 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.
What Happened: 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.
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.
See Also: How A $40B Company Went Up In Smoke, Netflix’s ‘Big Vape: The Rise And Fall of Juul’
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.
Why It’s Important: 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.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next: Netflix’s Latest Moves: Gaming Beta, Upfront Success, and Content Exits
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
