Netflix Loses 800,000 Subscribers Over Price Hikes

Netflix Inc. dropped the most in seven years after the video-rental service said it lost 800,000 U.S. subscribers in the third quarter. Netflix lost its lustre among consumers and investors by raising subscription prices as much as 60 per cent in the U.S. and bungling an attempt to spin off its DVD-by-mail rental service into a new company called Qwikster.

Netflix said that it was the price hikes that were more damaging to its reputation.

"While the branding incident further dented our reputation, and caused a temporary cancellation surge, compared to our price change, its impact was relatively minor," the company said.

"Our streaming marketing has been very effective in the past two years," Hastings said. "We are going to work on improving the user interface, expanding to more platforms and delivering more content. There's no grand gestures, there's just a lot of steady and intense efforts."

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