Blockbuster CEO promises fourth quarter profits
And is quick to point the blame of their 2nd quarter loss at Hollywood. Well, they gotta blame something, and they can’t blame rising oil prices, unless maybe people are just not willing to spend the gas money to drive to the store? Of course the torrent of crap coming out of Hollywood isn’t to blame for Blockbuster’s troubles. DVDs are bigger than ever and still growing (even if growth is slowing down). People just aren’t getting their movies from Blockbuster. More and more they’re going online to places like Netflix and Amazon, or heading to big box stores like Wal-Mart to buy the damn things on the cheap instead of renting.
Plus, as this crazy Welsh website points out…
“Quality rarely has anything to do with how popular it is. Just look at 1997. It was an awful year.
“We had The Lost World: Jurassic Park and Batman and Robin but I don’t remember Blockbuster complaining about the quality of films back then.”
Blockbuster also mentioned that they wouldn’t be spending any money on new [unprofitable] business ventures or advertisements, so their overall profit would increase. This lack of spending may indeed move them into the black again, but it will certainly do nothing to buttress their floundering sales or failing business model.
But hey, good luck with that.
You can read more on Blockbuster’s last ditch efforts here.