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%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Netflix is out of the DVD business because streaming won – now, can Netflix still win?Netflix announced it’s shutting down DVD.com, its original DVD by mail service, later this year. That’s a good business decision and one Netflix helped usher in. But can Netflix recapture the magic that made DVDs by mail so special?
Read more »
Netflix Winds Down DVD-Rental BusinessNetflix plans to ship its last red DVD envelopes in September, ending 25 years of mailing shows and movies to subscribers.
Read more »
Netflix to Shutter Legacy DVD-By-Mail BusinessThe iconic red envelopes will be disappearing from mailboxes in September.
Read more »
Netflix will shut down its DVD rental business in September | EngadgetNetflix is shutting down its DVD rental business in September after 25 years..
Read more »
Netflix shutters DVD rental business after 25 yearsNetflix Inc. is calling it quits on DVD rental sales after 25 years. The streaming giant, whose DVD business shrank as it accelerated and exploded into...
Read more »
Netflix Is Shutting Down Its DVD BusinessNetflix’s famous red envelopes are headed to the recycling bin of history. The company announced the shutdown of the DVD-by-mail business Tuesday ahead of its first-quarter 2023 earnings repo…
Read more »