David Brown, Netflix, Jessica discussed on Business Wars Daily

Business Wars Daily
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Before streaming services. Let you cue up whatever you wanted to watch on your smart tv. There were video stores. Remember those if you wanted to watch a movie you drop by and pick up the latest action flick for yourself and maybe a classic disney movie or a video game for the kids. The number of video stores has been steadily decreasing since netflix's launched in nineteen ninety-seven. But now it's time to mark the end of an era after forty years in the business family video. The last of the national video store chains is closing its doors family video outlasted most of its competitors and had roughly five hundred stores at the beginning of two thousand twenty but the last video rental chain standing ended the year with roughly half that number according to retail dive. Dad insult to injury before family video. Shut its doors briefly in march. It enjoyed its best weekend. In recent memory as people grabbed a few videos to enjoy during the pandemic initial shutdown but ultimately a trifecta of both was more than the chain could withstand the wall street journal reports. I there was the business. Impact of covid nineteen shutdowns. Then more people opted for streaming services netflix hulu and company increase their combined subscriber base by fifty percent by the end of last year. Three out of four us households now subscribe to at least one streaming service and finally. There's the ongoing delay of new releases on the big screen which meant that. There was nothing new coming out on video. While a smattering of independent stores remained around the country. Video store chains mostly went the way of the dinosaur a decade ago. That's when the big players in the space including certain blockbuster closed most of their stores. Today blockbuster has one remaining store in bend oregon. In addition to video reynolds that location survives as a tourist attraction which sells its own maiden oregon merchandise according to a report in vice. While you're there you can pick up a laminated replica of a blockbuster membership card and a distress t shirt. That says i survived along with the last blockbuster. The stores reopened with safety and social distancing guidelines in place. So how did family video lasted decade longer than it's much bigger. Competitors and a dying industry two words real estate the chain owned most of its locations so it could shrink store footage and sublet the remaining space to stay profitable according to retail dive chain like blockbuster and hollywood video and other competitor were mostly leased which offered them little flexibility in controlling costs and because family video is well family owned the hoogland family could call the shots instead of answering to shareholders. Many of us love our streaming services and the ability to get the shows and movies. We want when we want them still. There's always a touch of nostalgia when something goes away. Future generations will never know that thrill of finding the last copy of a hot new release on the shelves or the stress of racking up. A stomach churning amount of late charges because you forgot to return the movie on time

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