Next, and quite late to the party, Blockbuster tried to launch its own DVD-by-mail business and rental kiosks but found it hard at that point to compete against Netflix and Redbox. Richard has over 15 years of experience in Corporate Finance, Strategic Planning and Business Development for franchise retail concepts. Blockbuster ended up filing for bankruptcy in 2010 when it lost $1.1 billion dollars.

"datePublished": "2016-10-09", },

John is the Managing Partner of JAMCO Interests LLC, the majority shareholder of BRIX Holdings, LLC. "description": "Perhaps no other example best defines industry disruption as the Blockbuster Netflix story - one of the biggest missed opportunities in history. I liked John Antioco personally. Founder & Former CEO, CTI Foods Paul Zmigrosky. With Netflix, customers could keep the DVDs as long as they wanted so there were no late fees - ever. . "@type": "Article",

At the time, it was valued at around $24 million, while Netflix’s worth had already risen to roughly $13 billion. But the lesson here is that Antioco was looking at rather obvious information right in front of him. }, Blockbuster’s profits had to be able to sustain the worldwide stores and staffing levels.

"publisher": { And perhaps the straw that broke Blockbuster’s back was when, in 2008, then CEO Jim Keyes made a $1 billion bid to buy Circuit City, but the electronics retailer closed its doors in 2009 after going bankrupt. Currently he is Chairman of J&B Restaurant Partners, the largest franchisee of Friendly’s restaurants. Yvette started with Souper Salad in 1999 as a cashier and worked her way up the ladder, being promoted to district manager over the entire Houston market in 2010. It will potentially go down as one of the biggest forehead-slaps and missed opportunities in history. "Carey" Carrington Jr. … He lacked the vision to see the bigger picture and where the future of the home video industry was headed. Any entrepreneurial summer camp will start off with a lesson about the need to tie your profits to what your customers value. "@type": "Organization", Launch dates for broadcast, cable and streaming programs, Up-to-date lists for broadcast, cable and streaming series, Pandemic-proof vs. pandemic-contingent broadcast lineups, Signup for Breaking News Alerts & Newsletters, Get our latest storiesin the feed of your favorite networks. Much of their profit relied on something their customers despised – late fees. Craig joined Brix in 2013 as Vice President of Operations for Red Mango and was promoted to President, leading all BRIX brands, in November 2016. Much of their profit relied on something their customers despised – late fees. Dish Network, the third-biggest U.S. pay-TV operator bought Blockbuster in 2011 for $320 million (you could have had Netflix for only $50 million), tried to keep the brand relevant and the stores open, but by 2014, all outlets officially closed. She now leads all BRIX brands as Vice President of Operations.

At the time, it was valued at around $24 million, while Netflix’s worth had already risen to roughly $13 billion.

Here are three interesting facts about the Blockbuster Netflix story that illustrates how critical it is for business owners to recognize disruption and take steps to ensure they thrive in a climate of constant change. Richard has been with the company since July of 2008 and served as Chief Financial Officer since December of 2009.

Netflix CEO and co-founder Reed Hastings had tried a few times to court Blockbuster chief John Antioco and get him to buy Netflix (which at the time was only a DVD-by-mail rental company) for $50 million dollars (the company is now worth $19.7 billion). Perhaps no other example quite defines the concept of industry disruption as the Blockbuster Netflix story. "url": "http://www.disruptordaily.com/3-facts-about-blockbuster-netflix-story-you-didnt-know/", Ms. Brown served as an Associate Corporate Counsel for Blockbuster Inc. until September 2008 when she transitioned to serve as Blockbuster’s Vice President, Legal & Digital Content. Perhaps it was a PR stunt or perhaps it was legitimate, but the final film rental from Blockbuster was “This is the End.”", In a statement, TowerBrook Capital Partners said, “Charley has provided outstanding leadership over his tenure as Rave Cinemas has integrated the 33 movie theaters it acquired from National Amusements and has continued to roll out digital, 3-D and IMAX technologies and alternative content across its 61 owned or managed theaters. }. It will potentially go down as one of the biggest forehead-slaps and missed opportunities in history.

Perhaps it was a PR stunt or perhaps it was legitimate, but the final film rental from Blockbuster was “This is the End.”, { Only nine months later, Blockbuster cancelled the pact due to the Enron scandal. Former SVP, Supply and Logistics for Pepsico's food businesses; Former Chairman, SP Bancorp. After all, Netflix was losing money back in the early aughts. Here are three interesting facts about the Blockbuster Netflix story that illustrates how critical it is for business owners to recognize disruption and take steps to ensure they thrive in a climate of constant change.

But the lesson here is that Antioco was looking at rather obvious information right in front of him. And perhaps the straw that broke Blockbuster’s back was when, in 2008, then CEO Jim Keyes made a $1 billion bid to buy Circuit City, but the electronics retailer closed its doors in 2009 after going bankrupt. The leadership change will take place at the meeting of the board of directors on September 19, 2011. Send us a tip using our annonymous form. Blockbuster’s profits had to be able to sustain the worldwide stores and staffing levels.

Think about it, a huge portion of the revenue Blockbuster needed to stay in business was a revenue stream Netflix didn’t even have. Ouch. During his 20 years at the company, he held a number of senior management positions, including Senior Vice President for the 8,000-outlet-chain with responsibility for all world-wide operations and marketing. Next, and quite late to the party, Blockbuster tried to launch its own DVD-by-mail business and rental kiosks but found it hard at that point to compete against Netflix and Redbox. COPYRIGHT © 2018 DISRUPTORDAILY.COM. Former CEO, Blockbuster, Taco Bell; Former Chairman, Main Street Restaurant Group H.G. Subscribe to Deadline Breaking News Alerts and keep your inbox happy. Any entrepreneurial summer camp will start off with a lesson about the need to tie your profits to what your customers. "name": "Kevin Rands"

"@type": "ImageObject", Rumor has it Hastings was practically laughed out of the boardroom each time he made an offer to Antioco, who was known to be a tough negotiator. One Bad Decision Led to Others As if suddenly realizing it needed to jump on the video-on-demand bandwagon, Blockbuster inked a 20-year-exclusive video-on-demand pact with Enron Broadband services as the energy conglom launched into telecom. BRIX Holdings name, design and related marks are trademarks of BRIX Holdings, LLC. "name": "Disruptor Daily" "logo": "http://www.disruptordaily.com/wp-content/uploads/2017/09/disruptor-daily-logo-300x31.png", Mr. Antioco has had a long and successful career in the entertainment, retail and restaurant industries. Blockbuster has since gone under and Netflix, well… you know how they turned out. When consumers heard Netflix’s original ad campaign, “The end of late fees,” Blockbuster heard a death knell. Prior to joining us, he was Vice President of Easter Seals NY from 2011 to 2013. 1,161.Though she dropped from 1067 last year, her worth has grown by $1 million. ", Prior to joining BRIX, she was employed as in-house counsel for Blockbuster Inc., in Dallas, Texas. CEO, Jogue Inc. Kirk Smith. CEO, L&L Foods; Former Purchasing, Conagra Anil Sastry. Ouch. BRIX Holdings name, design and related marks are trademarks of BRIX Holdings, LLC. © 2013 - 2020 BRIX Holdings, LLC. He was a capable executive, but I wasn’t impressed with his work ethic—his heart didn’t seem in it. "name": "3 Facts About the Blockbuster Netflix Story You Probably Didn’t Know" When consumers heard Netflix’s original ad campaign, “The end of late fees,” Blockbuster heard a death knell.

Dallas, TX (August 18, 2011) — Rave Cinemas, LLC (“Rave”) today announced that John F. Antioco, a Director of Rave and the former Chairman and Chief Executive Officer of Blockbuster Inc., will succeed Charles B. Moss, Jr. as Rave’s Chairman.

Dallas, TX (August 18, 2011) — Rave Cinemas, LLC (“Rave”) today announced that John F. Antioco, a Director of Rave and the former Chairman and Chief Executive Officer of Blockbuster Inc., wil… Much of their profit relied on something their customers despised – late fees. The short version of the Blockbuster Netflix story is this: Blockbuster had the opportunity to buy Netflix and didn’t. "dateModified": "2017-12-17", Now, some might say that at the time Antioco was being a smart businessman.

John Pooley. "headline": "3 Facts About the Blockbuster Netflix Story You Probably Didn’t Know",

Copyright © 2020 Penske Business Media, LLC. Before Blockbuster, Mr. Antioco spent 30 years in the retail and restaurant sectors, including 20 years at 7-Eleven, where he was ultimately the company’s Senior Vice President responsible for all store operations worldwide. He is also currently serving on the Board of Directors of TGIF Holdings, LLC, the parent company of TGI Friday’s restaurants. Only nine months later, Blockbuster cancelled the pact due to the Enron scandal. I look forward to his continued contributions and strong relationship with Rave.”, “Rave Cinemas is a pioneer in the theater exhibition industry, and I have enjoyed contributing to the leadership of such an innovative company,” said Mr. Moss. "@type": "Person", Netflix CEO and co-founder Reed Hastings had tried a few times to court Blockbuster chief John Antioco and get him to buy Netflix (which at the time was only a DVD-by-mail rental company) for $50 million dollars (the company is now worth $19.7 billion).

}, Terms & Conditions All Rights Reserved | Privacy | Dish Network, the third-biggest U.S. pay-TV operator bought Blockbuster in 2011 for $320 million (you could have had Netflix for only $50 million), tried to keep the brand relevant and the stores open, but by 2014, all outlets officially closed. Prior to joining BRIX, he was Chairman and CEO of Circle K, Taco Bell, and Blockbuster, Inc. Mr. Antioco began his career at the 7-Eleven convenience store chain.

John F. Antioco is a businessperson who has been at the head of 8 different companies. At the time, Wedbush Morgan Securities wrote in a research note that Blockbuster’s offer bordered “on being reckless,” and that Circuit City “appears to be in the middle of a death spiral.”.

It will potentially go down as one of the biggest forehead-slaps and missed opportunities in history. Blockbuster’s profits had to be able to sustain the worldwide stores and staffing levels.

RESTAURANT & RETAIL John Antioco. We are delighted that he will stay on the Rave board and continue to offer the company his deep industry expertise.

"image": { He lacked the vision to see the bigger picture and where the future of the home video industry was headed. In addition, prior to joining BRIX Holdings, he was the Retail Strategy Practice Director of Dallas-based Interactive Marketing Agency imc2. After BRIX acquired the brand in 2014, Yvette was promoted to Director of Operations for Souper Salad, and her responsibilities soon expanded to include RedBrick Pizza as well.