New York
CNN
—
Netflix officially ended the business that made it a household name.
This fall, the streaming giant will officially say goodbye to DVD rentals and all the red packets that made it possible.
“On September 29, 2023, we will be sending out the last red envelope”, the company tweeted Tuesday. “It has been a pleasure and an honor to bring movie nights to our wonderful members for 25 years.”
“Our goal has always been to provide the best service to our members, but as the DVD business continues to shrink, that will become increasingly difficult,” said co-CEO Ted Sarandos. wrote in a blog post Tuesday. “Making 2023 our Final Season allows us to maintain the quality of our service until the very last day and hit the mark.”
The company misreported second-quarter earnings after markets closed on Tuesday. Shares fell about 6%.
