Netflix CEO Reed Hastings sent a letter to subscribers on Monday, admitting he "messed up" and announcing that it would spin off its DVD and Blu-ray-based mailing business as a new service dubbed "Qwikster."
The company's changes come in response to a subscriber backlash that was spurred by higher prices for rentals of physical DVDs. Hastings said the pricing for combined streaming, via Netflix, and mailed rentals, from Qwikster, will remain the same as it is currently.
Too little, too late. And a stupid name, to boot. Way to go, Netflix.
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