Netflix CEO Reed Hastings in a letter to subscribers on Monday stated that Netflix will no longer operate the DVD rental-by-mail service that carried it to the top of the home entertainment industry. Instead, Netflix will be a streaming-only service while the DVD rental business is spun off and rebranded Qwikster. “I messed up. I owe you an explanation,” Hastings' letter to Netflix customers begins. “It is clear from the feedback over the past two months that many members felt we lacked respect and humility in the way we announced the separation of DVD and streaming and the price changes.
Boy Genius Report, Netflix spins DVD rentals into new business dubbed ‘Qwikster'
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