Re: No so much...
VHS - 1977
DVD - 1995
Blu-Ray - 2006
Seems like a perfectly reasonable upgrade cycle to me.
The problem was that VHS-to-DVD was a noticeable improvement in quality, portability, convenience and flexibility. Making the move to DVD was a quantifiable improvement. On the other hand, DVD-to-Bluray was far less noticeable, and a lot of studios never bothered to make full use of the format anyway, making a BluRay disk little different from the DVD release anyway. To get the full benefit of DVD video you usually didn't have to buy a new TV, your old set would probably still show an improved image quality anyway. BluRay's higher resolution was only going to be noticeable on high-end TVs anyway, so again less incentive to spend more on it.