Just when almost everybody thought Blockbuster was down for the count, it comes back swinging one more time.
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A U.S. Bankruptcy court judge ruled to day that BB will be able to avoid Chapter 7 liquidation and can proceed with an auction process.
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The bankrupt behemoth has apparently come to agreements with some or all of the studios that have been demanding payment. The details of the arrangement have not been disclosed. From the bankruptcy court judge:
“The parties have come to an accord and presented us with a more palatable situation . . . If you’ve got a deep pocket, empty it out at the auction.”
The saga of Blockbuster’s rise and fall has had as many twists and turns as one of the thriller movies the company rents. What’s next for this down-on-its-luck giant?
(via Home Media Magazine)
So I guess by now the studios are starting to understand people don’t want to pay 4.99 for their crap.
What’s next is they will try to focus on kiosks. What they should do is streaming if they want to survive, that will beat out DVD and Blu-ray in the end.
How do people not see that Blu-ray is just a temporary medium until streaming is up to speed?
Blockbuster will not last after auction. Whomever purchases BB will still liquidate it. What this story means is that the Justice Dept is not forcing them to liquidate, however, once they are purchased, the new owners will have no choice but to liquidate, and if it doesn’t sell, it will be forced to liquidate. No matter what happens, they are gone shortly.
As for why they don’t focus on streaming, its because they have 1.5 BILLION in debt. How are they supposed to pay millions and millions of dollars to start up a streaming business when they can’t even pay their rent?
Streaming is the final solution for most movie viewers, but there are several factors to consider. One, only about 10% of the homes in the US stream and our connections are already clogged. If everyone were to switch to streaming, it would kill our bandwidth. The entire infrastructure needs to be rebuilt to handle that amount of traffic. Also, when DVD came, it took years before people switched from VHS. We are just seeing that start to happen with blu-ray. As prices come down, people will start switching, and DVDs will start to go away. I think we still have a good 2 years of DVD left, at which time blu-ray will take over for a good 4-5 years following, at which time streaming will really be coming to every home.
I think Blu-ray and DVD will co-exist for the rest of the decade before I can see DVD phased out probably around the time you start seeing Blu-ray players coming standard in mini-vans. I think network conjestion as well as throttling will be an issue. Even if streaming could match all the benefits of Blu-ray, the one thing it will never have is physical media. Always that worry of a file being deleted or not having enough storage to keep it. Some of us enjoy having a collection of movies on our shelves. The deal with blockbuster is that the locations were too far from me, too high of prices where I’d often just to go the theatre instead, as well as movie censorship. Those were all turn offs. I think the direction of distribution could change over the next 10 years depending on how the studios decide to distribute. I want to see Blu-ray stay around so that I don’t end up renting less via streaming @ a higher cost.
My guess would be that a liquidator will just buy them. No one would buy them hoping to run the business. Someone will buy them in bulk and slowly start dismantling. They can sell the media to Family Video, Big Lots, Kmart and other places that sell used product, the hardware to place like Big Lots or even online specialty houses like Tiger Direct. The stores that are BB owned will either go to Family Video or be renovated into other retail / office space.
Um, I’ll ask the obvious question… “who would want to buy Blockbuster?” and more importantly… “why would someone want to buy Blockbuster?”
I agree with chadcronin, I want to see Blu-ray stay around so that I don’t end up renting less via streaming @ a higher cost..