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Netflix is winding down its DVD business after 25 years | CNN Business

Netflix is winding down its DVD business after 25 years | CNN Business




New York
CNN
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Netflix is officially winding down the business that helped make it a household name.

This fall, the streaming giant will officially say goodbye to its DVD rental service and all of the red envelopes that made it possible.

โ€œOn September 29th, 2023, we will send out the last red envelope,โ€ the company tweeted Tuesday. โ€œIt has been a true pleasure and honor to deliver movie nights to our wonderful members for 25 years.โ€

โ€œOur goal has always been to provide the best service for our members, but as the DVD business continues to shrink, thatโ€™s going to become increasingly difficult,โ€ co-CEO Ted Sarandos wrote in a blog post Tuesday. โ€œMaking 2023 our Final Season allows us to maintain our quality of service through the last day and go out on a high note.โ€

The company reported a miss for its second-quarter earnings after market close on Tuesday. Shares fell by around 6%.





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