Netflix beats hasty retreat on Qwikster branding
Editor ©RapidTVNews | 11-10-2011 Netflix has undertaken one of the quickest, and perhaps most embarrassing, U-turns in business by cancelling plans to rename its DVD-only business to Qwikster.com.
The move is the latest in a series of desperate measure to regain confidence prompted by a pounding from customers, financial analysts and investors alike after what has been recognised as the disastrous moves by Netflix to split its over the top (OTT) streaming video services from the DVD-only line which was to take the Qwikster brand.
This wrenched up the pressure the OTT firm has faced recently and adds to an official apology from senior executives over a hike in tariffs, the loss of Starz from the Netflix portfolio and the imminent arrival of competition from DISH Network’s Blockbuster Movie Pass. The result has been a huge drop in Netflix’s stock price.
Striving to regain the initiative, the company has now revealed in a blog posting, US Netflix customers will continue to use one website, one account and one password for their movie and TV watching enjoyment under the Netflix brand. "Consumers value the simplicity Netflix has always offered and we respect that," said under fire Netflix co-founder and CEO Reed Hastings. "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."