Remember the song, “Video Killed the Radio Star”? Maybe it should be, “The Internet Killed the Video Store.”
America’s top video rental chain reported a quarterly loss, according to Reuters, “as it grapples with a downturn in the rental industry.”
A Blockbuster exec told me this week the company’s going to be cutting staff. Meanwhile, it’s chopping its marketing budget “and selling non-core assets,” according to Reuters.
I imagine the company’s problems can be summed up in one word: Netflix.