There are other places to buy stock and DVD's. Jump ship!
Written: Oct 26 '11 (Updated Oct 26 '11)
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The owner of Netflix recently apparently went suddenly insane and then committed business suicide.
Netflix has both raised prices and cut service, in what most people see as a buyer's market for just about everything, this is the wrong time to raise prices and give people less for their money by splitting off the "by mail" services from the "watch instantly online" services.
I am among the 810,000 people who quit Netflix and if you multiply my $10 a month for ALL subscribers that is around $8 million a month that Netflix is not getting.
They'll be losing more too if they don't change their ways since their stock prices are in free fall.
I'm trying to figure out the logic of the Netflix CEO. I can't seem to understand though. A really simple rule keeps popping up in my head: "If it isn't broken don't fix it". I'm not sure why the guy felt he had to split his company in half with total disregard for annoying his stockholders, and his customer base alike, and it turns out even some of his friends (one who was sitting in his hot tub with him learned of the decision and advised against it - the friend is one of the now unhappy Netflix customers), but this is a lesson about the greed of the too well off and the fact that average people - those once part of the middle class - have had it and will not continue to buy his overpriced, shrinking service. The path from here seems pretty clear to me. The mail order side of Netflix will shrink and the instant online service might blossom quickly if the price is right and the service is good enough, but it won't work as Netflix, who ever bought out or is waiting to buy out the online instant movie portion of the old Netflix is a fox in the chicken coop, waiting patiently until the now Netflix CEO has his foot in his mouth and is in dire financial straits only then will someone with a big cash infusion buy out the instant delivery part of Netflix.
The story is going to end badly for Netflix since he's losing his stockholders and his customers both. I guess that he thinks that like the banks Netflix is too big to fail, but I don't think there will be a government buyout for Netflix and probably the side of his business with real future potential is about to be bought out by some giant in Internet technology, leaving the Netflix guy with nothing to do but shut down his mail order DVD rentals and sit back and figure how to live on whatever money he gets from sloughing off his Internet based instant viewing business. Maybe he'll write a book, "The Rise and Fall of Netflix" and go on the talk show circuit. Can't wait for the interview by Jon Stewart!
Probably many of his stockholders are also Netflix customers. Just like there are plenty of other places you can watch movies, there are many other places to invest your money in the stock market.
It was nice knowing you Netflix. Unless you come to your senses, which I don't really see happening, and at this point it might not help anyway as the public is increasingly less sympathetic to the stupidity of businesses who show this sort of excessive greed while offending stockholder and customer alike, the end will probably not be far off.
As I write this, the credit industry is thinking about lowering the US credit rating again, if those who think only about money continue their race to be part of the 1% and then try to get to the very pinnacle of that list, this seems likely to happen again.
Recommended:
No
What product did you purchase or try to purchase? Monthly Netflix Membership (cancelled now)
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About the Author
Location: Middlesex County, New Jersey
Reviews written: 115
Trusted by: 31 members
About Me: Reinvented more times than Simon Templar in "The Saint" but not by choice.
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