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Netflix CEO Explains Price Increase, Renames DVD Service

After a nearly inexplicable 60 percent price increase in July 2011 was followed by a drop in customers, Netflix CEO Reed Hastings has written an apology and explanation that was posted on the company’s blog and sent to all customers in email. In it, Hastings reveals that Netflix will be separating the DVD and streaming sides of the business even more, rebranding the DVD-delivery service to “Qwikster.” Responses (over 10,000 so far) on the company’s blog seem to be universally negative, with customers expressing unhappiness (to put it mildly) with the future separation of services and the pricing. Might be time for Netflix to consider an about-face before it’s too late.

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