Netflix, the business credited with ending Blockbuster, releases new ‘Blockbuster’ comedy

Netflix released its newest original comedy, Blockbuster, today. The show is about the last remaining branded video rental store—which feels a little personal, since Netflix helped stamp out its once-dominant competitor.

At Blockbuster’s peak, the movie rental chain had 9,000 stores and raked in $6 billion in annual revenue, mainly from our 10 Things I Hate About You late fees.

But in the late ’90s, Blockbuster passed on the chance to buy Netflix for $50 million. Not a great call, since the company is now worth over $120 billion.

Instead, Blockbuster partnered with Enron to create its own video-on-demand platform. In 2001, the chain abandoned the project, thinking the future of the industry would still involve blue-carpeted video rental stores. Over the next decade Blockbuster couldn’t keep up with Netflix and filed for bankruptcy. As of 2018 only one store, more of a shrine to the way things were than an actual business, remains in Bend, Oregon.

And now…Netflix, the once scrappy underdog that defeated Blockbuster, is back to hustling as it strives to set itself apart from other streaming services. The company rolled out its first ad-supported tier today to juice flagging subscriber numbers.—MM