Via: Source

They say hindsight is 20/20, but this is a true case study in a tragically missed opportunity.

Those of us old enough to remember actually going to a video rental store, like a Blockbuster, usually remember it quite nostalgically, and even fondly. But of course, as we all know, the far more convenient video-on-demand method, as well as Netflix and other subscription services, have now all but completely replaced brick-and-mortar video rental stores (Red Box seems to be doing fine though?).

Nature reclaiming an empty store. (Via Reddit)

But it appears that Blockbuster had a chance to avoid its present fate; as it could have acquired Netflix all the way back in 2000, for only $50 million. To put that in perspective, Netflix is now worth between $28 and $30 BILLION, depending on who you ask, and where the market sits that day. Good God. If you’re having a bad day, we genuinely hope this revelation makes you feel at least a little bit better. Because, yikes.

As recounted in a story originally appearing on Business Insider, the two CEOs, John Antioco (now formerly) of Blockbuster, and Reed Hastings of Netflix, came together all the way back in 2000 and attempted to negotiate the deal. Why Mr. Hastings was looking to sell at that point is not noted, but whenever there is a $50 million dollar pay day attached to a deal, can you really blame a guy for trying to make it? Of course, now that Netflix is worth literally multiple billions of dollars more than that, it looks like a dumb move, but back in 2000, the internet was much less prevalent, and cable TV was much more powerful.

In 2000, Blockbuster viewed Netflix as a small, niche company; which indeed they were. And perhaps, even a merger might not have been enough to keep Blockbuster afloat in the face of rapid technological changes, but it certainly could have helped. What do you think? Was this an oversight by Blockbuster back in the day? Or was the world so different that you can’t even really blame them for not seeing what Netflix would become?