In 2012 and 2013 Blockbuster Video closed 800 stores, leaving 500 in place of the 9,000 that once existed. Redbox DVD and Netflix offered products that made Blockbuster obsolete. This is an example of

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Creative destruction refers to the process where new innovations lead to the demise of older industries or products. In this case, the rise of Redbox DVD and Netflix, which offered more convenient and innovative ways to access movies, led to the decline of Blockbuster Video, exemplifying creative destruction.

In 2012 and 2013 Blockbuster Video Closed 800 Stores, Leaving