Did you know …
Blockbuster were approached by Netflix TWICE in 2000 and had the opportunity to buy Netflix for $50 million. Blockbuster turned the offer down because they didn’t think that the concept of Netflix would take off. Today, Netflix is valued at $33 billion, and Blockbuster no longer exists. The internet has been around for 30 years. It’s changing the way we live, work, and play, and it’s doing so at scale now.
This has caused the disintermediation of a number of business sectors and companies – like Blockbuster and Kodak – who no longer exist. However, many businesses did not recognise the change as it was happening, which is why they have been left behind. In this video, I talk about how the same thing is happening with our high streets. The change that is coming is not being fully recognised. If this continues, then we will end up with dysfunctional high streets that do not serve the purposes we need them to.
Those who adapt now will recognise that there are plenty of opportunities to be had in these changing times.
For more on this topic, read my article ‘The Reinvention of Retail’.