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Netflix Finally Feels The Burn From Risky Price Hike
By
Jamie Feldmar
Published Sep 15, 2011
Modified Sep 15, 2011
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By
Jamie Feldmar
Published Sep 15, 2011
Modified Sep 15, 2011
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It looks like Netflix is finally curling up in that bed they made for themselves, now that the fallout from their recent price hike is hitting them where it hurts: in the wallet. As Cher Horowitz would say: no duh.
To recap: in July, the company announced separate pricing plans for streaming and physically borrowing discs, which pretty much everyone got really pissed about, despite Netflix's insistence that everything was fine.
But... the numbers don't lie. The company's stock dropped almost 15 percent this quarter, some 800,000 customers dropped the DVD-only service, and another 200,000 cancelled their streaming subscription. Nevertheless, the company remains convinced that splitting the services was "the right long-term strategic choice," which is incidentally the very same mantra that Captain Edward Smith used.
Tagged
bad decision
movies
netflix
price hike
rental
stock market
streaming
Jamie Feldmar
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