75. The Missed Opportunity of Blockbuster with Netflix
Year: Late 1990s
Location: Dallas, Texas, USA (Blockbuster HQ)
Company: Blockbuster LLC
Estimated Damage Value: $125 billion*
In the late 1990s, Blockbuster, a leading movie rental company, declined to buy Netflix for $50 million. This decision marked the beginning of Blockbuster’s downfall, leaving only one store in Oregon, while Netflix surged to a $125 billion valuation.
Netflix began as a mail-in rental service in the nineties, evolving into a leading mail-in and streaming platform. Contrary to popular belief, Blockbuster’s financial struggles began in 1996, predating Netflix’s founding in 1997 and leading to bankruptcy in 2010.