Netflix announces end to DVD mailing service2023-04-19 05:20 by DanielaTags: Netflix, DVD
Netflix is poised to shut down the DVD-by-mail rental service that set the stage for its trailblazing video streaming service, ending an era that began a quarter century ago when delivering discs through the mail was considered a revolutionary concept. "On September 29th, 2023, we will send out the last red envelope," the company tweeted Tuesday. "It has been a true pleasure and honor to deliver movie nights to our wonderful members for 25 years." "Our goal has always been to provide the best service for our members but as the DVD business continues to shrink that's going to become increasingly hard," the company said in its earnings release, adding that it has shipped more than 5 billion discs since its start. DVDs have become a shrinking percentage of Netflix's revenue over the past several years as consumers increasingly shift to streaming services. Netflix reported 2022 DVD revenue of $145.69 million, down 20% from the prior year. By comparison, Netflix's streaming revenue last year totaled $31.46 billion. The move comes as the streaming giant continues to make its foray into producing and investing in original content. In March, Netflix won six major Oscars at the 95th Academy Awards , including best international feature for "All Quiet on the Western Front" and best animated feature film for "Guillermo del Toro's Pinocchio." Read more -here-
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