Nothing is sacred. Farming lost to manufacturing. Manufacturing lost to finance. Finance lost to technology. Now technology is losing to ... different technology.
Blockbuster files for bankruptcy
NEW YORK (CNNMoney.com) -- Blockbuster filed for bankruptcy early Thursday morning in its latest attempt to overcome nearly $1 billion in debt.
The movie rental giant's U.S. businesses filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. As part of its re-capitalization plan, Blockbuster (BBI, Fortune 500) said it would attempt to reduce its debt load to $100 million or less.
... The company also suffered losses from unprofitable stores and increased competition from both Netflix (NFLX) and Coinstar's (CSTR) Redbox. Blockbuster warned of a possible bankruptcy as early as March of this year. [source]Soon DVD rentals will be a thing of the past as streaming technology allows you to instantly send HD movies to your TV with the quality and reliability of a DVD at the same or lower prices. Of course, you can always wait for your cable provider to offer what you want, but for now those offerings are fairly sparse.
Technology has a way of making everything more plentiful and cheaper.
- more available food per acre
- more available energy per erg
- more computing power per square inch
- and so much more