Netflix DVD Service Renamed Qwikster, With Same Pricing

CEO Reed Hastings admits 'I messed up'

After losing a million customers and a major portion of its stock value, Netflix has decided that it’s time to go in a new direction—but isn’t backtracking on the price hike that caused the fallout in the first place.

In a post on the company’s official blog, Netflix CEO Reed Hastings attempted to regain some goodwill by issuing an apology for his handling of the fee increase. “I messed up. I owe everyone an explanation,” he wrote.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Subscribe today!

To Read the Full Story Become an Adweek+ Subscriber

View Subscription Options

Already a member? Sign in