Hollywood Video

Hollywood Video was a video rental chain that operated in the United States and Canada, founded by Mark Wattles in 1985. The company was known for its wide selection of VHS tapes and later DVDs, as well as its Nintendo Entertainment System and Sega Genesis game rentals. Blockbuster LLC and Movie Gallery were major competitors of Hollywood Video, and the company was often compared to Family Video and West Coast Video. The rise of Netflix and Redbox also had a significant impact on the video rental industry, including Hollywood Video.

History

Hollywood Video was founded in 1985 by Mark Wattles in Wilsonville, Oregon, with the first store opening in Portland, Oregon. The company quickly expanded to other locations in the Pacific Northwest, including Seattle, Washington and Vancouver, Washington. In the 1990s, Hollywood Video began to expand nationally, opening stores in California, Arizona, and Texas. The company went public in 1993 with an initial public offering on the NASDAQ stock exchange, and later listed on the New York Stock Exchange under the ticker symbol HLYW. During this time, Hollywood Video competed with other video rental chains, including Blockbuster LLC, Movie Gallery, and Family Video, as well as Circuit City and Best Buy, which also offered video rental services.

Business model and operations

Hollywood Video's business model was based on the traditional video rental model, where customers would visit a physical store to browse and rent VHS tapes and later DVDs. The company also offered game rentals for popular consoles like the Nintendo Entertainment System and Sega Genesis. Hollywood Video stores typically employed a staff of video rental clerks who would recommend movies and games to customers, and the company also offered a loyalty program to reward frequent customers. In the 2000s, Hollywood Video began to offer online rentals and mail-order rentals, competing with Netflix and Blockbuster Online. The company also partnered with Microsoft to offer Xbox game rentals and with Sony to offer PlayStation 2 game rentals. Additionally, Hollywood Video had a presence at major events like the Electronic Entertainment Expo and the Consumer Electronics Show.

Decline and closure

In the mid-2000s, Hollywood Video began to experience significant declines in sales and revenue, due in part to the rise of online streaming services like Netflix and Redbox. The company attempted to compete with these services by offering its own online rental service, but was ultimately unable to stem the decline. In 2010, Hollywood Video's parent company, Movie Gallery, filed for Chapter 11 bankruptcy and announced that it would be closing all remaining Hollywood Video stores. The closure of Hollywood Video was seen as a significant blow to the video rental industry, which had already been impacted by the decline of Blockbuster LLC and Movie Gallery. The rise of streaming services like Hulu and Amazon Prime Video also contributed to the decline of the video rental industry, as well as the growth of digital distribution platforms like iTunes and Google Play.

Legacy and cultural impact

Despite its decline and closure, Hollywood Video remains a nostalgic memory for many people who grew up in the 1980s and 1990s. The company's iconic logo and store design are still recognizable today, and the brand has been name-checked in popular culture, including in films like Clerks and Zoolander. Hollywood Video also played a significant role in the careers of several notable filmmakers, including Quentin Tarantino and Kevin Smith, who have both spoken about the influence of video rentals on their work. The company's legacy can also be seen in the modern video-on-demand services offered by companies like Comcast and Verizon Fios, as well as the streaming services offered by Apple TV and Roku. Additionally, the rise of independent film and indie game development can be attributed in part to the accessibility of video rental stores like Hollywood Video, which allowed filmmakers and game developers to reach a wider audience. Category:Defunct companies