Interesting little quote from Blockbuster CEO Jim Keyes:
As if crushing debt, the recession, Netflix and Redbox weren’t enough, Blockbuster Inc. has a new foe: the booming box office.
That’s according to Jim Keyes, chief executive of the struggling but still massive DVD rental chain, who on Thursday blamed much of his company’s weak performance last quarter on the growing number of people watching movies in theaters and not their living rooms.
“We estimate nearly 3 million more people are going to the movies each week in 2009 [than 2008],” he said on a conference call with analysts. “This has been pulling traffic from Blockbuster stores.”