Social media rumors suggest that Blockbuster might be making a return as a competitor to Netflix. Is there any basis to this speculation?
This is a story of overconfidence, where the giant Blockbuster once believed the emerging Netflix posed no threat, even declining an offer to purchase Netflix back in 2000.
During that period, Blockbuster was the dominant force, while Netflix was far from evolving into the entertainment giant valued at nearly $400 billion today.
At the time, Netflix was a fledgling startup, mailing videos and DVDs to customers, and they approached Blockbuster with a $50 million buyout proposal.
Famously, in a decision that has become one of the most notorious in entertainment business history, Blockbuster dismissed their proposal with laughter.
With the rise of online streaming, the era of Blockbuster video rentals was eventually doomed. Just a decade later, the company declared bankruptcy, having been severely impacted by the 2008 financial crisis and mounting competition.
Now, only one Blockbuster store remains operational in Bend, Oregon, functioning as an independent franchise.
Today, Netflix is a colossal entity that has reshaped the entertainment landscape.
But is it possible for Blockbuster to stage a comeback as a streaming service, as some suggest?
The reality is no. The assertion that Blockbuster is ‘officially making a comeback as a streaming service, positioning itself as the next Netflix’ originated from the X account Hoops Crave, which identifies itself as a parody account.
Sadly, Blockbuster remains a relic of the past, kept alive only in the memories of those who cherish physical media.
However, the nostalgia associated with Blockbuster might lead to its return, though in a form quite different from its original incarnation.
This is because there are plans to transform Blockbuster into a themed restaurant, capitalizing on the nostalgia of those who fondly remember renting movies, grabbing a bag of chips, and a tub of red goo for dipping. Yummy.
A trademark application has been filed for a restaurant designed around the iconic video rental store concept.
The trademark encompasses ‘night clubs; amusement centers; entertainment services in the nature of an amusement center attraction’ along with ‘bar and restaurant services; snack bar services’.
So, while it won’t be re-entering the entertainment sector, Blockbuster might not be completely disappearing, as it’s venturing into a new domain.
This won’t be the first occasion where a hospitality business has drawn inspiration from Blockbuster.
In the UK, Manchester was home to a Blockbuster-themed bar until recently, although its name was later changed to Rewind NQ, reportedly due to trademark issues.
We have reached out to Dish Network, the owner of the Blockbuster trademark, for their comments.