Blockbuster, founded in 1985, grew rapidly but faced financial decline and bankruptcy in 2011. Various eras led to its downfall despite early success.
Blockbuster Music was established in Dallas, Texas, marking the beginning of the Blockbuster brand's presence in the entertainment industry.
In 1959, The New York Times used the term 'blockbuster' in its review of the movie 'Ben-Hur'. This marked the beginning of the use of the term to describe successful and high-grossing films.
In 1963, the movie 'Cleopatra' directed by Joseph L. Mankiewicz was released. Despite being directed by a notable filmmaker, the film did not achieve the same success as other blockbusters.
'Jaws' was released in 1975 and revolutionized the film industry by setting new standards for blockbuster movies. It became a massive success and changed the way movies were made and marketed.
The original Star Wars movie was released on May 25, 1977, marking the beginning of a groundbreaking sci-fi franchise. It revolutionized the film industry with its special effects and captivating storytelling.
In 1978, David Cook founded Cook Data Services, which aimed to provide software services to the oil and gas industries in Texas but was unsuccessful.
On October 19, 1985, the first Blockbuster Video store opened in Dallas, Texas, with an inventory of 8,000 VHS and 2,000 Beta tapes. The chain's name is derived from the term blockbuster, a Hollywood term for a successful film.
One year after opening the first store, David Cook expanded Blockbuster by opening three more stores, further solidifying its presence in the video rental market.
In the summer of 1987, 'Dirty Dancing' was released and became a huge success despite its relatively low production cost. The movie focused on a female character and her world, appealing to a wide audience.
By 1988, Blockbuster had expanded to 800 stores and established itself as the top video-store chain in the United States.
In March 1989, Blockbuster launched its first store in the United Kingdom on Walworth Road, London. The company later acquired Citivision PLC in 1992, expanding its presence in Britain.
In 1990, Blockbuster purchased the mid-Atlantic rival Erol's, which had over 250 stores.
In March 1991, Fujita Den Trading and Blockbuster Inc. formed a partnership to establish Japan's first Blockbuster Video stores. By October 1992, they had opened 15 stores in Japan, with plans to expand further.
In 1992, Blockbuster expanded internationally by acquiring the video-rental chain Ritz in the UK, increasing the total number of Blockbuster stores to 2,800.
On November 22, 1993, Blockbuster bought Super Club Retail Entertainment Corp., bringing in around 270 music stores and 160 video retail superstores.
In April 1994, Republic Pictures merged with Spelling Entertainment, in which Blockbuster owned a 35% stake.
Blockbuster entered the Peruvian market in 1995 and expanded to ten stores in Lima by 2002. However, due to poor revenues attributed to movie piracy, Blockbuster closed its stores in Peru by 2007.
The first Mission: Impossible film was released in May 1996, starring Tom Cruise as Ethan Hunt.
In November 1996, Blockbuster confirmed the relocation of its headquarters from Fort Lauderdale, Florida, to the Renaissance Tower in downtown Dallas. The move resulted in the need to hire new employees for the Dallas headquarters as most of the Florida staff did not want to relocate.
In June 1997, John Antioco, who was the president of Taco Bell, resigned to become the CEO of Blockbuster. This marked the beginning of a new era for the company under his leadership.
In 1998, Blockbuster established DEJ Productions, which focused on acquiring films to provide exclusive content to its stores. This move aimed to enhance Blockbuster's offerings and attract more customers.
In August 1999, Viacom sold 18% of its stake in Blockbuster in a public offering for $465 million.
In mid-2000, Blockbuster collaborated with Enron to create a video-on-demand service, but the agreement was terminated in March 2001 due to concerns about film availability.
Bryan Singer's X-Men film marked the beginning of a new era for superhero movies, offering a grounded and realistic interpretation of the comic book world.
Sam Raimi's Spider-Man movie further solidified the trend of bringing comic book characters to life in a more relatable and emotionally engaging manner.
In December 2002, the first Blockbuster store in Norway opened in Oslo, followed by another store in 2003. Despite initial hopes for expansion, both stores closed in the spring of 2004.
On August 11, 2004, Blockbuster launched a DVD-by-mail service in the US to compete with Netflix, a prominent player in the market.
Around October 14, 2004, Blockbuster was spun-off from Viacom. Online DVD subscriptions were introduced on Blockbuster.com, also known as Blockbuster Online.
In May 2005, financier Carl Icahn successfully waged a proxy fight to add himself and two others to Blockbuster's board. He accused Blockbuster's chairman and CEO of overpayment and disagreed on strategies to revive the company's profit.
Christopher Nolan's Batman Begins marked the start of his Dark Knight Trilogy, focusing on thematic storytelling and practical action set-pieces.
Until July 26, 2007, Blockbuster offered unlimited free in-store exchanges of online rentals with all plans, but there were several changes back and forth regarding this policy.
On January 5, 2007, Southern Stores Inc. filed a lawsuit in federal court alleging that Blockbuster's introduction of Blockbuster Online and Blockbuster Total Access undercut the group's franchise agreement.
On June 19, 2007, Blockbuster announced its decision to rent Blu-ray over HD DVD format in the majority of its stores after a successful pilot program. The pilot program involved offering selected titles in 250 stores, and eventually, Blu-ray titles were stocked in almost 5,000 stores worldwide.
On July 2, 2007, James W. Keyes, former president and CEO of 7-Eleven, was named as the new chairman and CEO of Blockbuster. He introduced a new business strategy that included store enhancements.
On August 8, 2007, Blockbuster announced the acquisition of Movielink for $6.6 million.
On September 14, 2007, Blockbuster GB Ltd purchased several retail stores from ChoicesUK plc, securing jobs for around 450 employees in the UK.
In February 2008, Blockbuster proposed a buyout of Circuit City but withdrew its offer in July 2008 after a financial review. The move was seen as an attempt to save struggling retailers.
Circuit City filed for bankruptcy on November 10, 2008, and ceased operations in March 2009 after liquidating all its stores.
In 2009, Blockbuster UK implemented in-store pickup and introduced exclusive titles like Gran Torino, Changeling, Taken, and Knowing.
On January 28, 2010, Carl Icahn resigns from the Blockbuster board as the company's shares decline significantly. A March 31 SEC filing reveals Icahn reduced his holdings in Blockbuster.
On February 10, 2010, Blockbuster closed its operations in Portugal, blaming internet piracy and lack of government action for its failure in the country.
By April 1, 2010, Carl Icahn resigned from Blockbuster's board amid financial struggles. Blockbuster also partnered with major studios for movie releases.
In June 2010, dissident shareholder Gregory S. Meyer was elected to Blockbuster's board after a proxy battle, criticizing the board's decisions.
On July 1, 2010, Blockbuster was delisted from the NYSE and moved to OTCBB due to shareholder decisions and low stock value.
On August 6, 2010, Blockbuster By Mail subscribers gained access to Blockbuster's library of console games, in addition to movies and television shows.
Blockbuster was given until August 13, 2010, to pay a $42.4 million interest payment to bondholders but failed to do so, leading to financial restructuring efforts.
On September 23, 2010, Blockbuster declared $930 million in secured and unsecured debt as it filed for Chapter 11 bankruptcy protection. The company aimed to reduce retail locations and focus more on its digital presence to adapt to changing market trends.
Dish Network won the auction to buy Blockbuster for $320 million in April 2011, taking over the company and its liabilities.
On May 6, 2011, Keyes resigned as Blockbuster's CEO, marking a change in leadership at the company.
On August 31, 2011, Blockbuster Canada announced the closure of all its stores by December 31, 2011, following financial difficulties and unsuccessful attempts to find a buyer.
On March 31, 2012, Blockbuster On Demand removed support from set-top box media players, limiting the supported devices to computers, Blu-ray players, select television sets, and cellular phones.
The Dark Knight Rises concluded Christopher Nolan's Dark Knight Trilogy, exploring the consequences of Batman's actions and his connection with the contemporary audience.
On January 16, 2013, Blockbuster placed its United Kingdom subsidiaries in administration, risking over 4,000 jobs.
On February 26, 2013, Roku, Inc. announced the launch of Blockbuster On Demand on Roku's channel store, expanding the supported devices to include computers, Blu-ray players, select television sets, cellular phones, and the Roku set-top box.
On March 23, 2013, the UK business of Blockbuster was purchased out of administration by restructuring firm Gordon Brothers Europe.
On October 29, 2013, Blockbuster UK announced it was going into administration for the second time.
Blockbuster, once a dominant video rental chain, closes its approximately 300 US retail stores and by-mail DVD distribution business, resulting in the loss of 2,800 jobs.
On November 28, 2013, Blockbuster UK officially entered administration for the second time, resulting in the closure of all stores as no buyer was found.
On December 16, 2013, all remaining Blockbuster stores in the UK ceased operation, with stock clearance on the previous day.
By the end of June 2014, only 12 RecycleIT stores had been renamed as planned, leading to bankruptcy. The stores were later bought by Blue City.
Peyton Reed's Ant-Man introduced a more grounded and emotionally driven story arc within the Marvel Cinematic Universe, setting it apart from the typical superhero spectacle.
All remaining Xtravision stores in Ireland were closed in 2016, leaving only the online business and vending machines.
In 2017, Blockbuster On Demand service was still active in Nordic Countries, offering streaming and rental services online.
In September 2018, a pop-up retail store resembling an original 1989 Blockbuster outlet was opened in Shoreditch, London, coinciding with the digital release of Deadpool 2.
In March 2019, the last Blockbuster store outside the United States, located in Morley, Western Australia, closed its doors. This marked the end of Blockbuster's international presence.
The Blockbuster store in Dargaville, north of Auckland, which was one of the last remaining stores globally, closed its doors at the end of January 2020.
In August 2020, the last remaining Blockbuster store in Bend, Oregon, was listed as an Airbnb rental for a 1990s-themed sleepover. This unique event attracted guests from the area.
In January 2021, BB Liquidating Inc., the entity that operated Blockbuster before its sale to Dish, experienced a surge in stock price during the GameStop short squeeze. Despite the bankruptcy liquidation, the stock value rose unexpectedly.
The Blockbuster Twitter account announced the Blockbuster World Video Game Championship 3 during the Portland Retro Gaming Expo 2022.
Fans of Blockbuster noticed a mysterious message added to blockbuster.com, hinting at a possible return of the defunct brand. Speculation arose after changes to the website and tweets from the official Blockbuster Twitter account.
The Blockbuster web page was re-activated with the message 'We are working on rewinding your movie' on March 23, 2023.