Update: Blockbuster files for chapter 11 bankruptcy last Thursday.

For the past year there have been rumors of Blockbuster filing for Chapter 11 bankruptcy. It appears those rumors are back. It appears that the large movie giant Blockbuster is paying for slowly adapting their movie rental model. The addition of Red Box and Netflix along with instant streaming movie and T.V. rentals has put companies like Hollywood rentals and other larger video rental giants out of business.

While Blockbuster has adapted their business model, it appears it's too little too late. They have created iPhone and windows mobile apps to watch their instant streaming service, but have lacked functionality on devices such as the Xbox 360 and blue ray players -- which Netflix has and makes your content readily available on a slew of devices.