Netflix Inc. (NFLX-Q160.945.753.71%) is separating its movie streaming business from its DVD-by-mail service, which it is renaming Qwikster, Chief Executive Officer Reed Hastings said in a company blog post.
The announcement comes after Netflix had to cut subscriber forecasts after it increased the monthly subscription for a joint streaming and DVD rental service by as much as 60 per cent. The uproar among customers and bloggers has pushed shares of the company down nearly 50 per cent since it announced the price increase on July 12.
No comments:
Post a Comment