Netflix is winding down its DVD business after 25 years

Date:


New York
CNN
 — 

Netflix is officially winding down the business that helped make it a household name.

This fall, the streaming giant will officially say goodbye to its DVD rental service and all of the red envelopes that made it possible.

“On September 29th, 2023, we will send out the last red envelope,” the company tweeted Tuesday. “It has been a true pleasure and honor to deliver movie nights to our wonderful members for 25 years.”

“Our goal has always been to provide the best service for our members, but as the DVD business continues to shrink, that’s going to become increasingly difficult,” co-CEO Ted Sarandos wrote in a blog post Tuesday. “Making 2023 our Final Season allows us to maintain our quality of service through the last day and go out on a high note.”

The company reported a miss for its second-quarter earnings after market close on Tuesday. Shares fell by around 6%.



LEAVE A REPLY

Please enter your comment!
Please enter your name here

More like this
Related

“Anonymous” Mo Salah was Liverpool’s joint-worst player in Carabao Cup final – Liverpool FC

There were few redeeming features in Liverpool’s 2-1...

NG debt service bill surges to P2.02-T in 2024

THE NATIONAL GOVERNMENT (NG) debt service payments surged...

Arsenal 1-0 Chelsea: Merino’s flick ensures three points

Match report – Player ratings – Arteta reaction...