A Look Inside the Mind of Jim Keyes, Former CEO of Blockbuster and 7-Eleven
It Takes One Person, One Deal, & One Opportunity To Change Your Life & Business Forever!
When you hear the names Blockbuster and 7-Eleven, they evoke strong images—nostalgia, convenience, and huge brand power. Today’s guest on the JT Fox podcast, Jim Keyes, knows these institutions intimately. As the former CEO and chairman of Blockbuster, and former Co-chairman at 7-Eleven, he’s had a direct impact on these companies that have, in many ways, shaped popular culture.
Jim shares a personal anecdote, highlighting his humble beginnings: his first job was at a gas station followed by a stint at Blockbuster in Canada where he appreciated the simple perks like free movies.
The Rise and Fall: A Candid Explanation
A question on many minds is: Did Blockbuster fail because they didn’t innovate like Netflix? Jim vehemently disagrees. In 2007, under Jim’s leadership, Blockbuster made significant strides into digital, acquiring a streaming movie company well ahead of the trend. Blockbuster faced a common narrative that they didn’t keep up with digital advances—Jim tells us this simply isn’t true. They partnered with major studios like Sony Warner and Paramount and created Blockbuster on Demand.
Despite forward-thinking developments in streaming, the true villain in Blockbuster’s narrative was the 2008 financial crisis, which hit the company at its financial Achilles heel—a hefty debt of one billion dollars. Blockbuster couldn’t survive the financial turmoil due to their inability to refinance. Jim underscores the importance of managing cash flow and debt, citing these as key lessons for any business, big or small.
The Untapped Potential: Blockbuster’s What-Ifs
When asked about potential alternative strategies for Blockbuster, Jim envisions a unique service he refers to as “Total Access”. This would combine subscription access to a vast library of older movies with à la carte access to the latest blockbuster hits—an aggregator of sorts—something that is notably absent in today’s streaming market despite the crowded landscape.
Jim also touches on a topic of great interest – the elusive “day-and-date” movie release, where consumers could watch brand new movies at home instead of at theatres. He believes there’s a market, but it’s complicated due to the associated high costs and concerns from movie studios to protect the in-cinema experience.
The Future of Launching Rockets and Empowering Minds
Jim is far from retired. Whether teaching at Columbia University or working with a rocket company, he’s dedicated to learning and exploration. His book, “Education is Freedom”, is testament to his belief in the power of knowledge. Despite the debates surrounding the current state of education, Jim’s focus is to provide a roadmap to success—regardless of whether it’s academic education or trade schools.
Jim’s passion for lifelong learning and sharing knowledge is the cornerstone of his current endeavors. And in essence, his message is about using critical thinking and knowledge to combat fear and ignorance and to instill hope and progress. Education is the flashlight in the darkness for Jim, and educating society is how he chooses to continue leaving his mark on the world.
To purchase Jim’s Book, Education Is Freedom: The Future Is In Your Hands, click here:https://a.co/d/33y5Lz6