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Netflix Ditches Qwikster, Will Keep DVD Rentals at Netflix.com
Can Netflix executives do anything to rekindle Wall Street’s affection? It appears not, or at least not yet: Netflix was one of the media business’ few losers on Monday with shares falling 4.8% to $111.62. The decline stood out on a day when the benchmark S&P 500 was up 3.4%, and U.S. media stocks were up more than 4%. Traders soured quickly on Netflix after rewarding it with a 7% pop at the opening bell. They liked the fact that Netflix abandoned its plan to split its DVD rental business into a separate operation called Qwikster. But the flip-flop seemed to reinforce concerns that CEO Reed Hastings has lost his sense of direction. Netflix has lost nearly 63% of its value since mid-July when it announced that consumers would have to pay 60% more to continue receiving its service that offered DVD rentals as well as video streaming.
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And the vocal minority wins again. Now when all you people are complaining 6 months from now that the streaming content hasn’t improved you can look at yourselves in the mirror to see the reason why.
C’mon, you don’t honestly believe that the decisions coming out of Netflix management recently are all perfectly sane and rational decisions, do you?
How many more times are they going to shoot themselves in the foot? With this kind of stock plummet, I’m surprised one or more top executives haven’t been shown the door by now.
Someone needs another MBA…
Someone else needs to take the reins now and usher in a new spirit of confidence for the investor and customer. In a climate of growing competitors, they need to change direction with customer service. In addition to growing their streaming offerings, they need to do away with the ridiculous blu-ray charge and they need to cater to their customer base more. Fine, keep the pricing structure where it is now, but the elitist ‘we can do anything we want’ attitude has to go. Look what it did for Blockbuster back in the day.
Yeah, Netflix execs can STFU and just run their business. Every time they open their mouths with some new plan, their stock plummets. All this public waffling makes investors nervous, not reassured!
The media companies will decide what happens with this technology not Netflix. Remember content providers still own EVERYTHING not Netflix.
If the media companies want you to see a new release on streaming in 2025 that’s when you will see it, and not before. No matter what Netflix does, so all the people that think Netflix should have DVD released media on streaming, it will get done when the media companies say it will.
There are two sides to a negotiation, dude. If Netflix wants to depend wholly on the power of their streaming plan, they need to be willing to pay the price to the studios, no matter what they’re asking.
Said the record companies to iTunes.
Oh, wait.
All you had to do was read today’s exceedingly lame email to customers to know this company is still in trouble. It had to be the single most clueless correspondence, in terms of marking, or damage control, I’ve ever received.
To the toilet with Netflix their board and shareholders. When too much isn’t enough you end up with nothing.
If Netflix makes significant improvements to the service it provides, maybe a price hike would be easy to swallow, but raising rates, dividing the services and raising costs for something that people don’t really need is bad business. Netflix would be one of the first things a family would cut from their budget if times are tough. Don;t give them a reason to cut it sooner.
I agree. Netflix is less convenient and trustworthy than it was 5 years ago. Not the right time for a price hike. Bring back the Friends features and we’ll talk.
Who cares about winning back Wall St. affection??…it’s us consumers who’s ass they must kiss. We write the checks…This Reed idiot needs to be fired…and stop with the stupid apologies.
“Netflix has lost nearly 63% of its value since mid-July”
HAHAHAHAHAHA
Should probably read: NFLX stock has lost nearly 63% of its value since mid-July while the company significantly increased revenues, though subscriber growth, for the first time, slowed.”
And they’re still going to lose more customers if they don’t do something about the price increases and make it more affordable for customers to watch films and get rid of the 28-day wait period on new releases and have more copies of films and such too. THEN maybe you’ll get some customers to come back and remove Hastings as CEO.
Amazingly ridiculous comment.
Netflix has no control over the studios.
NETFLIX has yet to offer the casts that appear in the movies and TV shows they rent EVEN ONE CENT despite a 60% increase in their subscription fees. To hell with this vile company.
Maybe they can find something like that Drunk Dialing app that can prevent them from making public announcements for a certain period of time.
Where’s their PR department or PR firm? I get the idea that management (mainly Hastings) is controlling their message. And it’s a disaster! The decisions are poor, but the communication of them is even worse! Just get a major firm on board like every other major corporation and LISTEN to them.
The three stock analysts I know advise getting out of Netfix ASAP. The stock will never be worth as much as it is today. Share price is about to take a major dump.