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Netflix loses 800,000 subscribers following Qwikster fiasco

10.24.2011

Netflix, Netflix, Netflix. Just what were you thinking?

All you had to do was keep your service the same and not hike up the price too unreasonably and you would have still been Gods in the eyes of movie fans, but you went a little insane over the last few months. First there was the whole ridiculous 60% price increase, then there was that inane Qwikster fiasco.

The company has hurt as a result.

According to their just-released subscriber metrics they've lost 800,000 U.S. subscribers in the third quarter, and their stock dropped $17 bucks as a result. They still made money though, more so even than last year- up to $62.5 million from $38 million.

They have an earnings call scheduled for this afternoon, no doubt to ease the fears of investors.

For my money, Netflix is still the best deal around for film buffs. Their Instant service continues to add great new films and tv shows (I'm finally making my way through BREAKING BAD) and I've had no major problems with streaming. Not to mention that it's still cheaper than any other option out there. But it's still been distressing to see them make these ridiculous blunders, one after the other. 

Let's just hope they can see how stupid these last few decisions have been and move on from there.

Source: Variety

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