"It is clear that for many of our members two websites would make things more difficult, so we are going to keep Netflix as one place to go for streaming and DVDs.
"This means no change: one website, one account, one password… in other words, no Qwikster."
Investors' concerns about the price hike and increasing costs of content caused the stock to fall, according to Reuters.
Update: Read an interview with Reed Hastings from The New York Times.
- What could Hastings have done differently to avoid this situation?
- For future moves, how can Netflix include customer input to make better decisions?
- How can Netflix recapture lost customers at this point? Do you believe the executive team can do anything to restore the company's image?