New York
CNN
—
Netflix is officially ending the business that made it a household name.
This fall, the streaming giant will officially say goodbye to its DVD rental service and all the bonuses that made it possible.
“On September 29, 2023, we will send out the last red envelope,” the company said. tweets Tuesday. “It has been an honor and a privilege to provide movie nights to our wonderful members for 25 years.”
“Our goal has always been to provide the best possible service to our members, but as the DVD business continues to shrink, this will become increasingly difficult,” co-CEO Ted Sarandos said in a statement Tuesday. wrote in the blog post. “Making 2023 our last season allows us to maintain the quality of our service on the final day and make a high-profile exit.”
After the bell on Tuesday, the company reported that its second-quarter earnings missed expectations. Shares fell about 6%.