Netflix Cancels DVD Spin-off

Qwikster quickly went to the deadpool. Netflix today confirmed it canceled its plan to spin-off its DVDs-by-mail business. The measure had been poorly received by customers and investors, which say a 5% bump on the S&P 500.

The company's CEO, Reed Hastings, has confirmed that users can use both services with a single account and password. The initial intention was to create a new portal called Qwikster for the mailing of DVDs.

"It is clear to our users is easier to use a web page two, so keep Netflix as a single site for streaming and DVDs," said Hastings.

Netflix share price took a nose-dive when the recent pricing scheme was unveiled. In July, it was trading above $ 300. Today it's at $ 123.90. Netflix reversal on Qwikster should be welcome news for subscribers. Hastings, who is recognized as one of the tech sector's most consumer-friendly CEOs, is coming to the public once more, hat in hand, admitting he erred. He said last month that he "slipped into arrogance" for the cavalier way the company delivered the news about the price increase.

Whatever is going on internally that has Hastings and crew making uncharacteristic mistakes, he should take pains to find their source and fix them. Focusing on providing a bigger selection in streaming should be , Netflix's No. 1 priority.

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