Follow Up of the Day: Looks like dazed and confused Twitter user Qwikster will have to earn his lid money elsewhere: Netflix has decided to back down from the much maligned and ridiculed decision to split the company into two brands.
“Consumers value the simplicity Netflix has always offered and we respect that,” said Netflix co-founder and CEO Reed Hastings, who offered no apologies this time around. “There is a difference between moving quickly—which Netflix has done very well for years—and moving too fast, which is what we did in this case.”
The company will, however, split DVDs and streaming operationally, and the price hike, which took effect ahead of the bungled “New Coke-esque” experiment, will remain in place.
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