As I was visiting my parents this weekend, I passed by what used to be my local Blockbuster. For over 12 years, I had been renting movies from there on a regular basis. This time though, when I drove by, the lights were on, but the interior looked different. Much different. It took me a second to realize it, but the Blockbuster had been converted into a martial arts studio.

Amazing how such a prominent fixture of many people’s Friday and Saturday nights closed in such a fashion, but the blame lies squarely with Blockbuster itself.

When change comes, it must be embraced. Not being able to adapt, especially in these times, is a sure sign of impending failure.

1) Netflix changed the landscape of movie rentals. Unlimited rentals a month, delivered to your house, no late fees.

2) iTunes allowed people to purchase (and rent) movies on their computers

3) Cable on-demand [becoming more and more ubiquitous due to their also functioning as HD converters] allowed viewers to purchase a movie in the convenience of their home for about the same price as going to Blockbuster.

4) Redbox revolutionized new release movie rentals by offering them at a dollar apiece, and having self-service stations spread out at local gas stations and corner pharmacies.

In each case, a competitor changed the platform of movies, their pricing structure, and the method in which they were offered. The need for a brick and mortar store like Blockbuster became practically obsolete.

The capital and reputation Blockbuster built quickly vanished as they were unable to keep pace with these modern innovations. Had they quickly leveraged their brand to beat others to the punch, it would have fared much better, but instead you see them now playing catch up.