New York
CNN
–
Netflix officially cuts its business, making it a household name.
This fall, the streaming giant will officially bid farewell to its DVD rental service and all the red envelopes that make it possible.
“On September 29, 2023, we will send out the last red envelope,” the company Tweets Tuesday. “It’s a real honor and honor to give movie night to our amazing members for 25 years.”
“Our goal has always been to provide the best service for our members, but it will become increasingly difficult as the DVD business continues to shrink.” wrote in a blog post Tuesday. “Make our last season in 2023 enable us to maintain quality service on the last day and treble.”
The company reported that its second-quarter yield was lost after closing in the market on Tuesday. Stocks fell about 6%.
