Netflix Loses 800k Users in Q3
Netflix was once the king of customer service and all things related to at-home movie/TV viewing. But lately, they just can't get a break. On Monday, Netflix revealed in their third quarter report that it has lost about 800,000 subscribers since June, and the company expects to lose more in the coming months.
Netflix's CEO Reed Hastings say the company believes their future is in the streaming of its video content, so he was prepared to see a decline in DVD-by-mail customers. That may be the case, but that didn't stop shares of Netflix to take a 35-percent dive in trading on Tuesday.
This revolt/boycott/mass exodus of subscribers began back in July, when Netflix announced a price hike of almost 60 percent. Then, to piss off customers even more, they decided to make things more complicated by splitting the accounts of those customers who wanted both the DVD-by-mail and streaming options. Netflix has since abandoned its Qwikster streaming service and reinstated both mail and streaming account options, but the decision may have been too late.
Do you have, or did you have Netflix? I do. I thought about cancelling my account, but instead I just got rid of a couple features and cut my monthly cost in half.