Recently, Dish Network Corporation announced that Blockbuster will be ending its DVD rental service and closing all of its remaining stores. Come January 2014, the once prominent chain of video stores will be a faint memory, thanks to online video services. Blockbuster isn’t the first business to be taken down by new technology and it won’t be the last. Here are six prominent business models that are already or soon will be completely gone, thanks to the Internet.
Blockbuster’s demise has loomed over the outdated business for about ten years. Netflix started to make strides with its mail rental system in the early 2000s, but Blockbuster passed on the opportunity to buy the competitor for $50 million, according to Variety. About a decade later, Netflix is valued at $19.7 billion, and former Blockbuster executives can rest easy knowing it’s nearly impossible that they’ll ever make a mistake that severe again.
It wasn’t the mailing service that took Blockbuster out of business, though. It was Netflix’s video streaming service, which offers customers a wide selection of movies and shows to watch instantly. Other brands like Amazon, Hulu and even HBO followed suit, leaving no need for consumers to take that long trip to the video store, find out the new release they want is out of stock and rent “Armageddon” for the tenth time.