Netflix expects 24 million lost subscribers in Q3 and the CEO of Netflix, Reed Hastings, has spoken about his arrogance in a few key business decisions this year.
Netflix decided earlier this year to divide their original DVD rental servive and streaming service into separate paid oferrings. For some users, this amounted to a 60% hike in prices.
Hastings goes on to say he was cocky with his decision and hastings hastility (ha!) proposed these new terms because he was focused on profit margins.
This move has costed shareholders $6 Billion in paper.
Ouch.
Credit CBS.
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