The Blockbuster Effect / Pete Lorimer - The Creative Entrepreneur Podcast

Greetings and welcome to the Creative Entrepreneur Podcast, I am your host Peter Lorimer, former hit record producer, now host of the show Stay Here on Netflix and owner LA’s most creative Boutique real estate firm, PLG Estates.

I remember sitting in my little house, and I was watching the Blockbuster Movie Awards. As I was watching the show, a package containing a DVD from my brand new Netflix subscription was placed under my door.

Blockbuster and other companies like RadioShack and Toys R Us are in trouble/bankrupt. Why? They remained static; they didn't shift strategies when the world around began to change. When we are having success and we feel like our strategies are going in the right direction, it feels fantastic. The dangerous part--the Blockbuster effect--is when we trust that it's working now and will always work.

For instance, Blockbuster seemed untouchable. They never got into streaming; I suspect they thought "This has worked for 10 years, let's just get through this." The world has moved around them, and they've remained static.

What does this mean for us? We must constantly keep tweaking our strategies, keep evolving, and keep our eyes on what's happening in the social sphere.

"Back in the day" (maybe about 10 years ago), we first started talking about blogging. And now, there's SO much noise. How do we break through? This is where changing strategy is a lifesaver. Original content. Why is it so important? 90% of people out there can't be bothered with creating it or don't believe in it. And that means, if you create original content, you'll break through.

Don't rely on the media your company provides you. That's the blockbuster effect of our day. If it isn't about you, if it doesn't have your thumbprint, I believe you'll end up in the same spot as Blockbuster or Toys R Us.

 

Let's get into this, friends. Here's this week’s episode of The Creative Entrepreneur.

 

Golden Nuggets from this Episode:

 

[06:45] “When we are getting success this is what I urge everyone to do, never stay still…” 

 

[07:13] “10 years ago everybody used to advertise in the LA times”

 

[09:04] “there is so much noise in our daily life, how do we break through?”

 

[09:41] “90% of people out there either can't be bothered coming up with original content don't believe in original content, or don't have the ability to create it.”

 

[10:58] “Innovation is not the enemy!”

 

Thank you for being here,

PL