If the analogy is continued, it might also be harder to steer away from an iceberg.
On the other hand in these orgs you have people crying "iceberg!" all the time.
Well at least operationally it was a good product, and imo better than Netflix's, but I have no idea if helped or hurt them financially.
But Blockbuster's established sources for content/disks should have been an advantage against the stories of Netflix having to go buy retail copies of movies in cases of uncooperative distributors.
It was just Phase 2 and moving to streaming where they fell so far behind. (Plus Redbox's uprising didn't help, which is a separate failure to pivot.)