Netflix announced plans today to irritate the few remaining subscribers of their once-popular DVD-by-mail service.
“Effective immediately, we will be reverting to VHS tapes,” said CEO Reed Hastings, who cited his “love of nostalgia” as the reason for the bizarre move.
The company’s stock dropped 11% within minutes of the announcement; Since mid-July, it has fallen over 60%.
The VHS debacle is just the latest in a series of perplexing moves made by the company recently. In July, Netflix raised monthly prices by 60% for some customers, without any improvement in the service. In September, the company announced it was spitting its movie-by-mail and streaming services into two entities, Qwikster and Netflix, meaning separate bills for each customer.
“Assuming they still make VCRs, my latest idea will turn this company around,” CEO Hastings told OMGG.com. “The only downside for subscribers is the $20/month surcharge to offset increased shipping costs.”
October 11, 2011
ENTERTAINMENT