Blockbuster (BBI) surpassed all expectations by announcing that its had reached 2 million online users, adding 500,000 since the end of Q3. Netflix (NFLX), the largest online movie rental company, should close the year with about 6 million customers.
Blockbuster’s program allows customers to mail back DVDs that they order or drop them off in stores. The company, which has 8,000 outlets, says that the ability for subscribers to go to stores to exchange videos is a key component of its strategy, but it does not break out these figures.
Over the last two years, Blockbuster’s stock is down almost 40% to $5.64, while Netflix shares are up almost 140%.
Blockbuster now has a market cap of $1.1 billion. Netflix stands at over $1.8 billion.
Maybe Blockbuster should just close all of its stores.
Douglas A. McIntyre can be reached at [email protected]. He does not own shares in companies that he writes about.
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