Netflix Stock Drops 37% Amidst Recent Price Hikes & Poor Marketing Decisions
Although this topic is not the hard-core mobile genre, it does have a ripple effect, and hopefully positively for consumers in the long term. Needless to say, Netflix stock plumed 37 percent once news surfaced about more than 800,000 subscribers left the service due to July’s 60 percent price hike. To make things worse, Netflix decided to split the DVD mail-rental business and ironically name it “Qwickster” from its video streaming business. Even worse, they announced they will resend that decision in a blog post, stating it causes confusion for customers… duh! Molly Wood summarized it oh so correctly when she referenced Netflix as becoming cocky and complacent and ‘blowing a 20 or 30 point lead in the 4th quater.’ And there is more damage to come, so I would hope Netflix gets their act together, fire a few folks and get their reputation and house in order to start pleasing customers.