Although we may all have our own personal missed opportunities, we can all learn from those of others, including businesses. If you ever start your own business, DON’T MAKE THESE MISTAKES!
By Sara Habibipour
My Space and Facebook
Nowadays, no one in the younger generation knows about MySpace. But, back in the day, it was Facebook’s major competitor, and even had an advantage over them, as Facebook was created after MySpace. To try and eliminate their competition, MySpace had the opportunity to buy out Facebook in 2004, but they ended up not following through. This missed opportunity turned out to be fatal. In 2005, NewsCorp bought MySpace for $580 million, and it was sold again in 2011 for a mere $35 million, leading to the death of MySpace (Love Money). If only MySpace had acquired the world’s most-used social media platform when they had the chance….
Mars and E.T.
In the 1980s, Steven Spielberg was looking for chocolate to feature in his upcoming movie E.T., so he approached Mars, the company that makes M&Ms. He asked if they wanted to be featured in his project. Mars declined the product placement offer, and Hershey’s Reese’s Pieces accepted the offer instead. Hershey’s agreed to spend $1 million for the promotion on the condition that the company could use E.T. in its own marketing. This was a huge success for Reese’s, which saw a 65% jump in profits two weeks after the movie premiered in 1982 (Elite Business Magazine).
Blockbuster and Netflix
In 2000, movie rental company, Blockbuster, was the king of home entertainment. But, then came Netflix, a struggling online mail order company in need of cash. Its CEO offered to sell for $50 million to companies such as Blockbuster, but they didn’t take the offer. Then, Netflix made a move that absolutely murdered Blockbuster; they got into streaming and people stopped renting DVDs. Today Netflix is valued at more than $213.9 billion (Love Money), and its stock has reached a record high (even higher than Disney!). Blockbuster Video is, well, dead.
Sources:
https://www.lovemoney.com/gallerylist/67869/the-biggest-missed-business-opportunities-ever
Missed Opportunities Editor: Erik Bearman
Who new Netflix was a cold hearted killer. I hope people showed up to Blockbuster’s funeral. I’m sure it was a choice of showing up, or waiting in line to return a rented DVD. That IS if people CHOSE to return them😂😂