If you readBlockbuster ’s obituary , you might see the word of honor “ brutally slain by Netflix ” but the former chief executive officer of the one - meter video rental imperium is here to tell you otherwise .
In a unexampled consultation , ex - Blockbuster boss James Keyes figure the company was well placed to resist the Netflix Jagannath , but not a maelstrom of media reportage promise a slip into bankruptcy .
“ We were very well positioned to succeed overNetflixbecause we had arguably a ranking offer , ” Keyes toldManagement Today(viaFortune ) .
What was that offer ? Well the 2008 acquirement of the Movieline video recording streaming divine service that amounted to a pretty enceinte movie depository library for the nascent online cyclosis market place . Keyes also had restore later fees , which were bizarrely scrapped by his predecessor , and he apparently had an “ exciting ” deal with Google lined - up .
However , a New York Times report , which led with a “ Blockbusted ” headline , accompanied by a picture of Keyes take care like Pinocchio is what set out the literal downfalll , according to the ex - Bos . Keyes had abnegate that Blockbuster was going bankrupt , but Moody ’s had claimed the party might n’t be able to refinance its billion dollar debt in 2009 .
“ The chance to fail just was a slayer newspaper headline , ” Keyes say . “ All of a sudden , the press started say Blockbuster was get to file for failure . We had no intention of doing so . ”
Blockbuster eventually did file cabinet for bankruptcy in 2010 .
Keyes say it still injure that he ’s the man associated with the downfall of one of the world ’s most iconic companies . Especially the affirmation that he could n’t keep up with emerging technology .
“ When I google my name today , I ’m still plagued with being the guy rope that flush it to keep up with technology , ” he said . “ That injure given the fact that my great purpose of being there was to embrace technology and take it to the next level . ”
“ There ’s some tike on the couch , eat Zea mays everta , saying ‘ This is the guy that screwed up Blockbuster ’ , ” he add . “ I just remember you have no idea what it took at the fourth dimension to be able-bodied to hold up that tempest . ”
