Today, Amazon is hammering another nail into the coffin of DVDs with the closure of its “Lovefilm by Post” business.
Lovefilm was often called the “Netflix of Europe” back when Netflix’s main business was DVD subscriptions. The company launched in 2002 and was acquired by Amazon in 2011 at a valuation of about $312 million, according to TechCrunch. Lovefilm subscribers across Europe could rent DVDs and have them delivered by mail.
Amazon certainly hasn’t given up on its ambitions to challenge Netflix, but that fight has moved from DVD subscriptions to streaming platforms.
“Over the last few years we’ve seen a decreasing demand for Blu-ray and DVD rental as customers increasingly move to streaming,” Amazon said in an announcement of the Lovefilm closure.
The announcement encourages Lovefilm subscribers to sign up for the Amazon Prime membership program to get access to Amazon’s library of movies, series, and original content. The company is also offering a discount on a Fire TV Stick to Lovefilm by Post members. Amazon has been doubling down on its video streaming service, taking aim at industry-leader Netflix.
Lovefilm will officially shut down Oct. 31. Amazon plans to find alternative roles for Lovefilm employees within the organization, according to the BBC.