NEW YORK -- Blockbuster Inc. will launch in the coming month a pilot test of in-store kiosks that will allow consumers to download movies onto portable devices in two minutes.
Chairman and CEO James Keyes unveiled the trial Wednesday in his first annual shareholder meeting at the helm of the video rental giant.
But he said the company is still in negotiations with studios about content deals for the kiosk trial.
As a result, Blockbuster will likely have limited movies on offer in the trial, but "we'd love to have everybody" on board for this, Keyes told reporters after the meeting. He declined to predict how many films would be available in the pilot and from which studios.
Keyes acknowledged that the kiosk pilot is likely coming well ahead of broad consumer demand for such services and should therefore only be seen as one additional distribution channel for the company as it tries to offer entertainment content whenever consumers want in whatever form they want.
Chairman and CEO James Keyes unveiled the trial Wednesday in his first annual shareholder meeting at the helm of the video rental giant.
But he said the company is still in negotiations with studios about content deals for the kiosk trial.
As a result, Blockbuster will likely have limited movies on offer in the trial, but "we'd love to have everybody" on board for this, Keyes told reporters after the meeting. He declined to predict how many films would be available in the pilot and from which studios.
Keyes acknowledged that the kiosk pilot is likely coming well ahead of broad consumer demand for such services and should therefore only be seen as one additional distribution channel for the company as it tries to offer entertainment content whenever consumers want in whatever form they want.
- 5/28/2008
- The Hollywood Reporter - Movie News
NEW YORK -- Digital downloads were a core theme at investor events held Wednesday by movie rental giants Blockbuster and Netflix.
In his inaugural shareholder meeting at the helm, Blockbuster chairman and CEO James Keyes said the firm will launch in the coming month a test of in-store kiosks that will allow consumers to download movies onto portable devices within two minutes.
Keyes said Blockbuster is in talks with studios about content deals and likely will have limited movies on offer for its kiosk pilot.
He acknowledged that the kiosk test likely is well ahead of broad consumer demand for such services and should therefore only be seen as one additional distribution channel for Blockbuster as it tries to offer content whenever consumers want it and in whatever form they want. The company also is working on offering downloads via set-top boxes and IPTV.
The download time of the kiosk, designed in its pilot version by NCR (which also builds airline ticketing kiosks), is targeted to get down to 30 seconds over time as Blockbuster is striving for an ATM-like experience, Keyes said.
In his inaugural shareholder meeting at the helm, Blockbuster chairman and CEO James Keyes said the firm will launch in the coming month a test of in-store kiosks that will allow consumers to download movies onto portable devices within two minutes.
Keyes said Blockbuster is in talks with studios about content deals and likely will have limited movies on offer for its kiosk pilot.
He acknowledged that the kiosk test likely is well ahead of broad consumer demand for such services and should therefore only be seen as one additional distribution channel for Blockbuster as it tries to offer content whenever consumers want it and in whatever form they want. The company also is working on offering downloads via set-top boxes and IPTV.
The download time of the kiosk, designed in its pilot version by NCR (which also builds airline ticketing kiosks), is targeted to get down to 30 seconds over time as Blockbuster is striving for an ATM-like experience, Keyes said.
- 5/28/2008
- The Hollywood Reporter - Movie News
Blockbuster might have proved Thursday that rumors of the death of the video rental store have been greatly exaggerated.
The giant of its industry not only turned a healthy profit in its first quarter but also grew same-store sales in the U.S. for the first time in five years.
Still, investors were unimpressed with Thursday's early morning announcement and the stock fell two cents to $3.05.
The company earned $42.6 million in the quarter, compared with a loss of $51.8 million in the year-ago quarter. Revenue fell 5% to $1.39 billion because of the sale of 412 stores. The results missed expectations on the top line but bested them on the bottom line.
Blockbuster CEO James Keyes hailed the 2.9% same-store sales increase at domestic stores as proof that increased efforts to sell merchandise, as opposed to merely renting, is a worthy endeavor.
That, of course, is the thrust of Blockbuster's argument that it makes sense to merge with Circuit City, and Keyes said the company's due diligence in that regard is in full swing.
The giant of its industry not only turned a healthy profit in its first quarter but also grew same-store sales in the U.S. for the first time in five years.
Still, investors were unimpressed with Thursday's early morning announcement and the stock fell two cents to $3.05.
The company earned $42.6 million in the quarter, compared with a loss of $51.8 million in the year-ago quarter. Revenue fell 5% to $1.39 billion because of the sale of 412 stores. The results missed expectations on the top line but bested them on the bottom line.
Blockbuster CEO James Keyes hailed the 2.9% same-store sales increase at domestic stores as proof that increased efforts to sell merchandise, as opposed to merely renting, is a worthy endeavor.
That, of course, is the thrust of Blockbuster's argument that it makes sense to merge with Circuit City, and Keyes said the company's due diligence in that regard is in full swing.
- 5/15/2008
- The Hollywood Reporter - Movie News
NEW YORK -- Shareholders of Blockbuster will get a chance to voice their approval or disapproval of executive pay starting next year.
In what is believed to be a first for the broader entertainment industry, the video rental giant said Tuesday that its board has adopted a policy that will give shareholders a nonbinding advisory vote on compensation of top managers, commonly known as "say on pay," starting with the 2009 annual meeting. The votes will allow investors to review the annual pay packages for such Blockbuster brass as chairman and CEO James Keyes and CFO Thomas Casey.
The "say on pay" approach has been gaining traction in the U.S. as of late amid attempts by companies to strengthen their corporate governance practices, appear more shareholder-friendly and counter criticism of expensive pay packages.
Insurance company Aflac will hold its first "say on pay" advisory vote in May. A majority of Blockbuster shareholders spoke out last year in favor of the introduction of such a vote, as did Verizon Communications shareholders.
In what is believed to be a first for the broader entertainment industry, the video rental giant said Tuesday that its board has adopted a policy that will give shareholders a nonbinding advisory vote on compensation of top managers, commonly known as "say on pay," starting with the 2009 annual meeting. The votes will allow investors to review the annual pay packages for such Blockbuster brass as chairman and CEO James Keyes and CFO Thomas Casey.
The "say on pay" approach has been gaining traction in the U.S. as of late amid attempts by companies to strengthen their corporate governance practices, appear more shareholder-friendly and counter criticism of expensive pay packages.
Insurance company Aflac will hold its first "say on pay" advisory vote in May. A majority of Blockbuster shareholders spoke out last year in favor of the introduction of such a vote, as did Verizon Communications shareholders.
- 3/25/2008
- The Hollywood Reporter - Movie News
NEW YORK -- Blockbuster reported fourth-quarter financial results Thursday that exceeded expectations, and the video rental giant said it will swing to a profit this year.
The firm increased its fourth-quarter profit nearly fourfold thanks to cost cuts and first successes with retooled subscription programs.
Chairman and CEO James Keyes also lauded an increased focus on retail sales as well as improvements in the company's core rental business.
He told The Hollywood Reporter that Blockbuster brought in a positive year-over-year rental revenue comparison for November -- its first in years. Keyes credited his team's work with studios to ensure copy depths of key releases, which tend to experience particularly high demand in the first two to three weeks after their release.
"We have to win back credibility with the studios and help our partners grow their profitability, too," he said, adding he hopes to work out longer-term win-win contract arrangements over time.
Keyes also reiterated he wants to significantly increase Blockbuster's retail sales of DVDs, especially tentpole releases.
The firm increased its fourth-quarter profit nearly fourfold thanks to cost cuts and first successes with retooled subscription programs.
Chairman and CEO James Keyes also lauded an increased focus on retail sales as well as improvements in the company's core rental business.
He told The Hollywood Reporter that Blockbuster brought in a positive year-over-year rental revenue comparison for November -- its first in years. Keyes credited his team's work with studios to ensure copy depths of key releases, which tend to experience particularly high demand in the first two to three weeks after their release.
"We have to win back credibility with the studios and help our partners grow their profitability, too," he said, adding he hopes to work out longer-term win-win contract arrangements over time.
Keyes also reiterated he wants to significantly increase Blockbuster's retail sales of DVDs, especially tentpole releases.
Related story: Apple jumps to rentals, lures studios
Apple CEO Steve Jobs said in his Macworld keynote Tuesday that his company's iTunes will rent movie downloads, and Wall Street reacted as if DVDs are headed for the trash heap.
Shares of Blockbuster, the world's leader in DVD rentals, sunk 16.7% on Tuesday to $2.69 after setting an all-time low of $2.66, making it the biggest decliner on The Hollywood Reporter Showbiz 50 stock index. Netflix, the leader in the DVD-by-mail subscription business, saw its shares sink 3.2% to $22.05.
While Blockbuster and Netflix were particularly hard hit, there was carnage on Wall Street in general after a big Citigroup write-down because of the subprime mortgage crisis. Even Apple shares dropped 5.4% to $169.04, while the S&P 500 fell 2.5%.
But even after Apple's drop, it still sported a market capitalization of $148 billion, making it the second-most-valuable company on the Showbiz 50 by far -- more than doubling the value of the next-closest entertainment giant. Apple was the biggest Showbiz 50 gainer last year and quickly has grown its financials, explaining in part its current clout when striking entertainment deals.
Only Google was more valuable after Wall Street's bloodbath Tuesday, boasting a $199.5 billion market cap. News Corp. remained the biggest media conglomerate.
A Blockbuster spokeswoman responded to the company's loss in market value, saying Tuesday that the rental giant feels "the Apple news is a positive" and validates the strategy of its relatively new CEO James Keyes.
Apple CEO Steve Jobs said in his Macworld keynote Tuesday that his company's iTunes will rent movie downloads, and Wall Street reacted as if DVDs are headed for the trash heap.
Shares of Blockbuster, the world's leader in DVD rentals, sunk 16.7% on Tuesday to $2.69 after setting an all-time low of $2.66, making it the biggest decliner on The Hollywood Reporter Showbiz 50 stock index. Netflix, the leader in the DVD-by-mail subscription business, saw its shares sink 3.2% to $22.05.
While Blockbuster and Netflix were particularly hard hit, there was carnage on Wall Street in general after a big Citigroup write-down because of the subprime mortgage crisis. Even Apple shares dropped 5.4% to $169.04, while the S&P 500 fell 2.5%.
But even after Apple's drop, it still sported a market capitalization of $148 billion, making it the second-most-valuable company on the Showbiz 50 by far -- more than doubling the value of the next-closest entertainment giant. Apple was the biggest Showbiz 50 gainer last year and quickly has grown its financials, explaining in part its current clout when striking entertainment deals.
Only Google was more valuable after Wall Street's bloodbath Tuesday, boasting a $199.5 billion market cap. News Corp. remained the biggest media conglomerate.
A Blockbuster spokeswoman responded to the company's loss in market value, saying Tuesday that the rental giant feels "the Apple news is a positive" and validates the strategy of its relatively new CEO James Keyes.
- 1/16/2008
- The Hollywood Reporter - Movie News
Revamped membership offers, a push into digital downloads and strengthened studio relationships are among the key priorities for Blockbuster as the firm heads into 2008 to continue reinventing itself under chairman and CEO James Keyes.
New activity could start taking shape early in the new year. The former 7-Eleven CEO, who took the reins at Blockbuster in July, recently said, "a lot of the changes we're making, we're targeting for the first quarter."
Overall, Blockbuster must do a better job at satisfying people's needs for media entertainment across all distribution channels, including stores, mail, online and even mobile devices, Keyes said.
"There is no one dominant player beyond Blockbuster that can participate in all of those channels," he said. "That is our competitive advantage. Most of the competition is limited to one or two of the various channels but Blockbuster expands to virtually all."
Asked whether the current range of online subscription and other offers might be confusing for Blockbuster consumers, Keyes said his team has been working on "a new (enhanced) membership program that literally can be one and the same with our subscription program but offer in-store customers the same kinds of advantages that people now perhaps get online or by mail."
In line with that, Keyes also argued that the brick-and-mortar business remains key in the digital age.
"The stores in many ways represent the key to success across the whole platform," he said. "The base of 60 million customers that we have in our stores can serve as an economic flywheel to help fund the eventual evolution of DVDs into a digital format."
While industry observers have different takes on how soon digital downloads will become a significant business, Keyes wants to be ready for a possible increase in usage during the short-term.
New activity could start taking shape early in the new year. The former 7-Eleven CEO, who took the reins at Blockbuster in July, recently said, "a lot of the changes we're making, we're targeting for the first quarter."
Overall, Blockbuster must do a better job at satisfying people's needs for media entertainment across all distribution channels, including stores, mail, online and even mobile devices, Keyes said.
"There is no one dominant player beyond Blockbuster that can participate in all of those channels," he said. "That is our competitive advantage. Most of the competition is limited to one or two of the various channels but Blockbuster expands to virtually all."
Asked whether the current range of online subscription and other offers might be confusing for Blockbuster consumers, Keyes said his team has been working on "a new (enhanced) membership program that literally can be one and the same with our subscription program but offer in-store customers the same kinds of advantages that people now perhaps get online or by mail."
In line with that, Keyes also argued that the brick-and-mortar business remains key in the digital age.
"The stores in many ways represent the key to success across the whole platform," he said. "The base of 60 million customers that we have in our stores can serve as an economic flywheel to help fund the eventual evolution of DVDs into a digital format."
While industry observers have different takes on how soon digital downloads will become a significant business, Keyes wants to be ready for a possible increase in usage during the short-term.
- 12/19/2007
- The Hollywood Reporter - Movie News
When James Keyes was appointed CEO of 7-Eleven in 2000, investors could pick up a share of stock for less than $9. Five years later, a Japanese firm bought the convenience store chain for $37.50 a share.
Investors hope Keyes will have similar success turning around video rental store giant Blockbuster, which last week lured him out of retirement and named him chairman and CEO.
At 7-Eleven, Keyes ended a decadelong trend of falling same-store sales by harnessing the power of technology to figure out which items were selling best at which stores -- and when there was peak demand for those products.
Business colleagues and observers expect him to bring this laser-like focus on consumer needs and new product that allows the rental chain to cross-sell related merchandise to Blockbuster.
At 7-Eleven, said Roger Enrico, the DreamWorks Animation chairman who is a friend of Keyes, "he got the business focused on the customer. It wasn't rocket science, but it was a heck of a lot of work."
To explain his business philosophy, Keyes in a telephone interview trudged back to the beginning of the long history of 7-Eleven, recalling how, in 1927, a company in Dallas selling blocks of ice suddenly found itself competing with the widespread adoption of refrigerators.
An employee known as Uncle Johnny Green, according to Keyes, "stood on the dock after Frigidaire came out with its newfangled device and asked his customers what he should do. They said, 'We bought a refrigerator, why don't you sell us milk?' Literally, that change in their business allowed the birth of the convenience store."
The company's stores soon were selling just about anything a customer would want to put in their fridge, and more, and their business hours were extended from 7 a.m.-11 p.m., hence the name change to 7-Eleven.
By 1980, the company operated 6,000 stores. Its purchase of Citgo Petroleum three years later put it in the gas-selling business, and Keyes entered the mix when he joined Citgo in 1985.
Then, a leveraged buyout of 7-Eleven saddled the company with massive debt right around the time gas stations nationwide were turning themselves into competing convenience stores.
The firm was in trouble in the U.S., but licensees were thriving in Japan. Keyes went there to learn their secrets, including the high-tech way Japanese store managers were controlling their inventory.
Bringing the Japanese model to the states got Keyes noticed, but not all his ideas were immediately embraced. In the 1990s, for example, he argued that 7-Eleven should be one of the first retailers to let its customers use new credit card readers to pay for their gas at the pumps. It was a controversial plan because it negated the need for consumers to enter the stores, where they might make an "impulse purchase." Keyes said a convenience store should strive, above all, to be "convenient," and he won over the skeptics.
Investors hope Keyes will have similar success turning around video rental store giant Blockbuster, which last week lured him out of retirement and named him chairman and CEO.
At 7-Eleven, Keyes ended a decadelong trend of falling same-store sales by harnessing the power of technology to figure out which items were selling best at which stores -- and when there was peak demand for those products.
Business colleagues and observers expect him to bring this laser-like focus on consumer needs and new product that allows the rental chain to cross-sell related merchandise to Blockbuster.
At 7-Eleven, said Roger Enrico, the DreamWorks Animation chairman who is a friend of Keyes, "he got the business focused on the customer. It wasn't rocket science, but it was a heck of a lot of work."
To explain his business philosophy, Keyes in a telephone interview trudged back to the beginning of the long history of 7-Eleven, recalling how, in 1927, a company in Dallas selling blocks of ice suddenly found itself competing with the widespread adoption of refrigerators.
An employee known as Uncle Johnny Green, according to Keyes, "stood on the dock after Frigidaire came out with its newfangled device and asked his customers what he should do. They said, 'We bought a refrigerator, why don't you sell us milk?' Literally, that change in their business allowed the birth of the convenience store."
The company's stores soon were selling just about anything a customer would want to put in their fridge, and more, and their business hours were extended from 7 a.m.-11 p.m., hence the name change to 7-Eleven.
By 1980, the company operated 6,000 stores. Its purchase of Citgo Petroleum three years later put it in the gas-selling business, and Keyes entered the mix when he joined Citgo in 1985.
Then, a leveraged buyout of 7-Eleven saddled the company with massive debt right around the time gas stations nationwide were turning themselves into competing convenience stores.
The firm was in trouble in the U.S., but licensees were thriving in Japan. Keyes went there to learn their secrets, including the high-tech way Japanese store managers were controlling their inventory.
Bringing the Japanese model to the states got Keyes noticed, but not all his ideas were immediately embraced. In the 1990s, for example, he argued that 7-Eleven should be one of the first retailers to let its customers use new credit card readers to pay for their gas at the pumps. It was a controversial plan because it negated the need for consumers to enter the stores, where they might make an "impulse purchase." Keyes said a convenience store should strive, above all, to be "convenient," and he won over the skeptics.
- 7/10/2007
- The Hollywood Reporter - Movie News
When James Keyes was appointed CEO of 7-Eleven in 2000, investors could pick up a share of stock for less than $9. Five years later, a Japanese firm bought the convenience store chain for $37.50 a share.
Investors hope Keyes will have similar success turning around video rental store giant Blockbuster, which last week lured him out of retirement and named him chairman and CEO.
At 7-Eleven, Keyes ended a decadelong trend of falling same-store sales by harnessing the power of technology to figure out which items were selling best at which stores -- and when there was peak demand for those products.
Business colleagues and observers expect him to bring this laser-like focus on consumer needs and new product that allows the rental chain to cross-sell related merchandise to Blockbuster.
At 7-Eleven, said Roger Enrico, the DreamWorks Animation chairman who is a friend of Keyes, "he got the business focused on the customer. It wasn't rocket science, but it was a heck of a lot of work."
To explain his business philosophy, Keyes in a telephone interview trudged back to the beginning of the long history of 7-Eleven, recalling how, in 1927, a company in Dallas selling blocks of ice suddenly found itself competing with the widespread adoption of refrigerators.
An employee known as Uncle Johnny Green, according to Keyes, "stood on the dock after Frigidaire came out with its newfangled device and asked his customers what he should do. They said, 'We bought a refrigerator, why don't you sell us milk?' Literally, that change in their business allowed the birth of the convenience store."
The company's stores soon were selling just about anything a customer would want to put in their fridge, and more, and their business hours were extended from 7 a.m.-11 p.m., hence the name change to 7-Eleven.
By 1980, the company operated 6,000 stores. Its purchase of Citgo Petroleum three years later put it in the gas-selling business, and Keyes entered the mix when he joined Citgo in 1985.
Then, a leveraged buyout of 7-Eleven saddled the company with massive debt right around the time gas stations nationwide were turning themselves into competing convenience stores.
The firm was in trouble in the U.S., but licensees were thriving in Japan. Keyes went there to learn their secrets, including the high-tech way Japanese store managers were controlling their inventory.
Bringing the Japanese model to the states got Keyes noticed, but not all his ideas were immediately embraced. In the 1990s, for example, he argued that 7-Eleven should be one of the first retailers to let its customers use new credit card readers to pay for their gas at the pumps. It was a controversial plan because it negated the need for consumers to enter the stores, where they might make an "impulse purchase." Keyes said a convenience store should strive, above all, to be "convenient," and he won over the skeptics.
Investors hope Keyes will have similar success turning around video rental store giant Blockbuster, which last week lured him out of retirement and named him chairman and CEO.
At 7-Eleven, Keyes ended a decadelong trend of falling same-store sales by harnessing the power of technology to figure out which items were selling best at which stores -- and when there was peak demand for those products.
Business colleagues and observers expect him to bring this laser-like focus on consumer needs and new product that allows the rental chain to cross-sell related merchandise to Blockbuster.
At 7-Eleven, said Roger Enrico, the DreamWorks Animation chairman who is a friend of Keyes, "he got the business focused on the customer. It wasn't rocket science, but it was a heck of a lot of work."
To explain his business philosophy, Keyes in a telephone interview trudged back to the beginning of the long history of 7-Eleven, recalling how, in 1927, a company in Dallas selling blocks of ice suddenly found itself competing with the widespread adoption of refrigerators.
An employee known as Uncle Johnny Green, according to Keyes, "stood on the dock after Frigidaire came out with its newfangled device and asked his customers what he should do. They said, 'We bought a refrigerator, why don't you sell us milk?' Literally, that change in their business allowed the birth of the convenience store."
The company's stores soon were selling just about anything a customer would want to put in their fridge, and more, and their business hours were extended from 7 a.m.-11 p.m., hence the name change to 7-Eleven.
By 1980, the company operated 6,000 stores. Its purchase of Citgo Petroleum three years later put it in the gas-selling business, and Keyes entered the mix when he joined Citgo in 1985.
Then, a leveraged buyout of 7-Eleven saddled the company with massive debt right around the time gas stations nationwide were turning themselves into competing convenience stores.
The firm was in trouble in the U.S., but licensees were thriving in Japan. Keyes went there to learn their secrets, including the high-tech way Japanese store managers were controlling their inventory.
Bringing the Japanese model to the states got Keyes noticed, but not all his ideas were immediately embraced. In the 1990s, for example, he argued that 7-Eleven should be one of the first retailers to let its customers use new credit card readers to pay for their gas at the pumps. It was a controversial plan because it negated the need for consumers to enter the stores, where they might make an "impulse purchase." Keyes said a convenience store should strive, above all, to be "convenient," and he won over the skeptics.
- 7/10/2007
- The Hollywood Reporter - Movie News
Movie rental king Blockbuster Inc. appointed former 7-Eleven boss James Keyes as its new chairman and CEO on Monday, putting an early finish to a John Antioco reign that was expected to last until year's end.
Antioco will cease being a company director, a spokesman said.
Antioco led the company for a decade, surviving withering competition from Netflix and public criticism from activist shareholder Carl Icahn, who recently complained that Antioco's pay was exorbitant considering the poor performance of Blockbuster stock, down about 83% in the past five years.
"John agreed to stay until the end of the year, if necessary, but he's a pretty smart guy and a big shareholder of Blockbuster, so he wanted to have the smoothest transition," Blockbuster board member Gary Fernandes said. "John's attitude was, if they found someone before the end of his contract, he'd step aside."
Keyes was president and CEO at convenience-store chain 7-Eleven from 2000-05, where he used technology to turn 10 years of declining same-store sales into 36 consecutive quarters of increases. He said Monday that he came out of retirement to accept Blockbuster's offer.
"I love the business world", Keyes said. "And what I love most is to take a great brand and make it more relevant to the consumer."
Although stressing that it is too early to speculate on specifics, Keyes said one focus will be on developing a strategy for the digital delivery of movies.
Antioco will cease being a company director, a spokesman said.
Antioco led the company for a decade, surviving withering competition from Netflix and public criticism from activist shareholder Carl Icahn, who recently complained that Antioco's pay was exorbitant considering the poor performance of Blockbuster stock, down about 83% in the past five years.
"John agreed to stay until the end of the year, if necessary, but he's a pretty smart guy and a big shareholder of Blockbuster, so he wanted to have the smoothest transition," Blockbuster board member Gary Fernandes said. "John's attitude was, if they found someone before the end of his contract, he'd step aside."
Keyes was president and CEO at convenience-store chain 7-Eleven from 2000-05, where he used technology to turn 10 years of declining same-store sales into 36 consecutive quarters of increases. He said Monday that he came out of retirement to accept Blockbuster's offer.
"I love the business world", Keyes said. "And what I love most is to take a great brand and make it more relevant to the consumer."
Although stressing that it is too early to speculate on specifics, Keyes said one focus will be on developing a strategy for the digital delivery of movies.
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