Here's a cautionary tale on not keeping up with business trends and making changes as soon as you know they're going to happen.
The first Blockbuster opened in 1985 in Dallas, Texas. Then in 1994, Viacom bought Blockbuster for $8.4 million. In 1997, Reed Hastings returns a DVD to Blockbuster late and receives an outrageous $40 late fee. So, Hastings founded Netflix in 1998.
Then, Blockbuster declines several offers to buy Netflix for $50 million. Instead, they sign a 20-year deal to deliver on-demand movies with Enron Broadband Services in 2000, a subsidiary of Enron the energy trading giant. Unfortunately Enron went bankrupt in 2001 amid accounting scandals.
Blockbuster began losing money at this point and Netflix started making a decent profit. At that point, Blockbuster started doing everything that they could to stay ahead of Netflix and beat them out. They change marketing tactics, hire a new CEO, and add online DVD rentals.
In 2006, Blockbuster had 2 million online subscribers and by that December, Netflix had 6.3 million subscribers. So, in 2009 Blockbuster makes their own kiosk to compete with Redbox. By 2010, Blockbuster is delisted from the New York Stock Exchange and files bankruptcy.