Netflix is pushing the rewind button when it comes to its break-up plan.
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The online video streaming and DVD rental company is scrapping plans to break-up those two services into two separate companies. The change in tactic was announced on a blog by Netflix CEO, Reed Hastings.
The change of heart is likely in response to severe criticism from customers and investors. The stock is down some 60% since July.
Netflix will now keep both services under one roof at Netflix.com, dropping plans for another web service called Qwikster. The move would have forced current customers to create a separate account for the new service. Instead, Netflix says customers will use “one website, one account, one password.”
Netflix’s original strategy was to spin-off its faster growing online business as competition heats up for viewers and content providers ask for more cash.
Bottom line: Online video streaming and DVD rental company, Netflix, has announced it will not go ahead with a harshly criticized plan to split its video services into two separate companies with different websites.