We couldn’t be happier.
In a matter of weeks, the actions of the greedy chutias at Netflix have triggered a loss of $8 billion in the company’s market capitalization.
The online DVD rental and movie streaming firm’s shares have fallen over 50% from a high of $304.79 in mid-July to $143.75 on Monday.
Why the Crash?
Ever since the company jacked up its pricing by an unseemly 60% for customers of its DVD rental and streaming service a few weeks back , the company has been at the receiving end of customers’ ire.
As if hiking prices a whopping 60% were not bad enough, the company now plans to separate its DVD rental and streaming businesses into separate activities causing more inconvenience to customers who have signed up for both DVD and streaming.
Customers must now have separate accounts and logins because the two services will not be integrated. This is beyond ridiculous.
By the way, the DVD rental is being renamed Qwikster.com while the streaming business will retain the Netflix moniker.
Netflix’ streaming collection is anemic but its DVD library is extensive comprising of Hollywood, Bollywood, Kollywood and other foreign films. The company has about 20,000 streaming titles and over 100,000 titles in its DVD library.