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The advent of new technology, like broadband and HD recorders with a built in internet connection, as well as telephony companies providing blazing fast internet speeds and fiber-optic cable availability, has changed the business of renting movies in a short space of time. It's forcing Blockbuster to rethink their business model. <br />
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However, smart entrepreneurs always seem to find a way to innovate and beat what appears to be an insurmountable problem. In this same recession Netflix is expanding. Even though Blockbuster will save you a buck a month on a couple of its plans, Netflix has the larger library and they have over twenty thousand titles you can watch instantly online, commercial free. Today, nearly 3 million users access Netflix's instant streaming service, watching an estimated 5 million movies and TV shows every week on their PCs or living room TV sets. Netflix CEO Reed Hastings says this is just the beginning: "It's possible that within a few years, nearly all Internet-connected consumer electronics devices will include Netflix."<br />
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Another company with a new approach to the old movie rental business model is the kiosk system. Redbox, a subsidiary of coin exchange company Coinstar, has seen its share of the video rental marketplace advance to 19 percent, versus 36 percent for rent-by-mail services and 45 percent for traditional stores such as Blockbuster. These are just a few of the many factors that have been putting increasing pressure on the cash strapped giant. In August Blockbuster reported 18 percent of its 4,356 locations nationwide are unprofitable.<br />
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So although Blockbuster still holds the largest market share of the video rental landscape, it plans on introducing its own set of rental kiosks. The company has 497 right now, but is aiming for 2,500 by the end of 2009 and 10,000 by the end of 2010.<br />
The future of the rental market will be online, mixed with actual copies being posted with no late fees. People will record their favorites on their HD recorder. It takes innovation and persistence as well as a superior product to advance in the modern techno-specific marketplace. <br />
It seems that the old model has fallen by the wayside and the new guard of online movie rental entrepreneurs is snapping at the heels of the front runners. <br />
Have you looked at your career lately? How could you innovate and beat the field?<br />
About Polaris Media Group<br />
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The Polaris Media Group mission is to help men and women achieve success and gain financial independence by providing effective educational materials and events that enhance self confidence and grow self reliance. The programs are based on the real possibility that individuals can create an improved lifestyle through an understanding of entrepreneurial skills and application of wealth creation strategies. We believe that the individual has the ability to realize their inherent potential and live a life of personal fulfillment.</p>
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Author, Shane Krider, is the CEO of Polaris Media Group. <a href="http://www.polarismediagroup.com" target="_blank" rel="nofollow">Polaris Media Group</a> help men and women achieve success and gain financial independence by providing effective educational materials and events that enhance self confidence and grow self reliance. For more information, please visit <a href="http://www.polarismediagroup.com." target="_blank" rel="nofollow">www.polarismediagroup.com.</a></p>
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