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Columbia House files for bankruptcy

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mvcg66b3r

Digital has claimed another victim. The parent company of Columbia House, the movie mail-order business, has filed for Chapter 11 bankruptcy protection, blaming the rise of the mp3, iTunes and video-on-demand for its decline.

Columbia House revenue peaked in 1996 with $1.4 billion but has dropped ever since, hitting $17 million last year.

Parent company Filmed Entertainment aims to sell the division. The company has $62.6 million in liabilities and $2.0 million in assets.

Founded as a record distributor in 1955 as part of CBS, Columbia House has gone through a number of corporate hands, including Sony, Blackstone Group, Bertelsmann, JMCK Corp. and, currently, Pride Tree Holdings. The company exited the music business in 2010 and has been delivering DVDs and Blu-rays exclusively since then.
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http://www.bizjournals.com/losangeles/news/2015/08/11/columbia-house-files-for-bankruptcy.html
 
It's not only digital that killed Columbia House. I'd say the real culprits were Amazon and eBay. If I'm doing mail order, those two are far better than anyone else.
 
I'm sure the non-recovery state of the economy also has something to do with it. People are tighter with their money now.
 
boombox4 said:
I'm sure the non-recovery state of the economy also has something to do with it. People are tighter with their money now.
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They're spending on things they want, such as concert tickets. They're NOT spending on things they don't want, which is physical CD sales. Based on that, the economy isn't the issue. Truthfully, the overall economy is pretty healthy right now, compared to 5 years ago.
 
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