How has Netflix affected Blockbuster?

It is amazing to look at how Netflix has decimated Blockbuster. Excerpt-

"Blockbuster's revenue slid 5.7 percent and the company harbored a net loss of $35 million. Worse, it has closed 526 stores in the past year, and the number of employees will be reduced to offset high overhead costs to the tune of $45 million. Blockbuster's injured stock price continues to fall and was priced at $5.06 at Thursday's close."

Full article is here.