Netflix responds quickly to reverse Qwikster decision

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Screen shot of Qwikster.com, a new website service available soon from Netflix. Netflix Inc. plans to separate its DVD-by-mail service and streaming video businesses. Photo - AP Photo/Netflix Inc.

Netflix CEO announced the closing down of ‘Qwikster’ through a post on blogspot.

A company spokesman told media Friday they are abdicating their “break-up plan to keep their online streaming services and DVD-by-mail together under one website and one name “. ‘Qwikster’ was suggested as the new division of the company that was to be solely responsible for handling DVD-by-mail services. The media group came under intense criticism and was forced to shutdown before it even started.

We underestimated the appeal of the single web site and a single service. We greatly underestimated it. Netflix spokesperson stated”.

According to critics, after a season of dazzling blunders by the company, Netflix finally got it right and listened to customer demand.Mondays announcement was the necessary reversal of a bad decision, Richard Greenfield, a media analyst for BTIG Capital said. The key remaining question, he said, is why did they make the Qwikster decision in the first place?

According to analysts, Netflixs third-quarter losses surpassed the companys previously-detracted expectations, but the company has denied the analysis. The company’s stock declined in the afternoon after the news, closing down 4.8 percent at $111.62.

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