New York
UJ
—
Netflix is officially concluding the operation that helped establish its brand recognition.
This autumn, the streaming powerhouse will bid farewell to its DVD rental service along with the iconic red envelopes.
“On September 29th, 2023, we will distribute the final red envelope,” the company tweeted on Tuesday. “It has been an incredible joy and privilege to provide movie nights for our beloved members for 25 years.”
“Our aim has always been to offer the finest service for our members, but as the DVD business continues to decline, it will become progressively harder to achieve that,” co-CEO Ted Sarandos stated in a blog post on Tuesday. “Designating 2023 as our Final Season allows us to uphold our service quality until the last day and depart on a positive note.”
The company faced a setback in its second-quarter earnings report released after market hours on Tuesday, causing shares to drop by approximately 6%.
