Netflix CEO Reed Hastings apologizes, renames DVD service

 

Netflix CEO Reed Hastings apologized in his blog on Sunday after a barrage of customer complaints against recent price hikes.

"I messed up," Hastings said. "I owe everyone an explanation."

An estimated 1 million subscribers left the service after the unexpected 60 per cent price increase from $9.99 per month to $15.98. On Thursday, Netflix shares dropped over 18 per cent as a result.

 

 

"In hindsight, I slid into arrogance based upon past success," Hastings said.

Hastings explained the company's plans to rename its DVD-by-mail service Qwikster, while keeping the Netflix name for the online movie streaming service.
Customers will now have to subscribe to two separate services if they want both the mail and streaming options.
Read more about the new Netflix changes here.

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