Crypto Group Plans To Buy Blockbuster And Relaunch As A Streaming Service

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The DAO blockbuster is trying to generate $ 5 million to acquire the intellectual property rights for the brand, currently owned by its owner.

Blockbuster was a juggernaut in the 90s for video and game rentals. The video rental company was everywhere and they were packed most weekends with people trying to find the latest movie to watch or the new game to rent. Then, as streaming services began to shape the way we watch movies, Blockbuster became the old man of the neighborhood and ultimately went bankrupt. However, the internet buzzed again as word spread of the mega-giant possibly making a comeback in the form of a new streaming service.

The group that calls itself Blockbuster DAO is trying to generate $ 5 million to acquire the intellectual property rights for the brand, currently owned by its owner Dish Network. The plan is to rename and rebuild Blockbuster as a streaming service. DAO, or Decentralized Autonomous Organization, would run on the blockchain and automate most decisions. They would give viewers more power to determine the future of licensing and original programming on the streaming service in the hopes of eliminating human error.

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Blockbuster DAO wants to raise $ 5 million to acquire IP Blockbuster from Dish Network, but FX Empire, which first reported the plans, said the DAO was planning to “use a public relations campaign to lobby Dish Network to Sell Blockbuster “. In other words, Dish Network has currently shown no interest in selling IP, and Blockbuster DAO is hoping that by making some noise and showing off, they can get fans to put pressure on them. for them to sell. It’s not a concrete plan, but it’s the start of something that could lead to more buzz, which could raise more money for the company.

The company bought Blockbuster for $ 320 million in 2011 and closed its remaining stores and DVD mail service in 2014. By 2011, the downfall of the video rental industry was already well underway. Currently, only one Blockbuster remains, located in Bend, Oregon. Yes, it’s still open and you can watch the location documentary on Netflix called The Last Blockbuster. Dish Network has licensed the Blockbuster name and logo for merchandise for t-shirts, puzzles, and board games. Recently, Netflix announced that they are working on a sitcom in the latest Blockbuster with Randall Park. With all of this recent focus on Blockbuster, it’s no wonder the company wants to try and bring them back into the modern age. But if Dish Network receives a stream of money from Blockbuster and with little effort on their part, will they even want to sell? And would a new streaming service survive in a somewhat crowded market? Many questions must be answered, and of course the money must be collected first. Nevertheless, we have seen that nostalgia has a way of making things happen. Anything can be possible, and the idea of ​​Blockbuster taking on Netflix in an epic rematch sounds pretty good.

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About the author Brandon Novara (103 published articles) More from Brandon Novara

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