Netflix Changing Name to Qwikster
Netflix has renamed their 12-year old movies-by-mail service to Qwikster. The CEO for the company made the announcement Sunday night. There’s a two-fold reason for the change. After many customers were outraged over the price hike in Netflix movies, the CEO, Reed Hastings decided to re-visit his company and figure out a way to gain his customers’ trust back, and of course, the value of his stock that took a huge plunge last week.
Hastings admitted in his blog Sunday night, that he messed up by stating, “In hindsight, I slid into arrogance based upon past success,” Hastings said. “We have done very well for a long time by steadily improving our service, without doing much CEO communication,” posted on CNN.com.