After last month's announcement that his company would split in to two businesses, a streaming video service and a DVD-by-mail service, Netflix CEO Reed Hastings has already decided to send back that idea like an unwatched Cameron Diaz DVD. After getting slammed over the decision to raise subscription prices and force users of both services to create multiple accounts, Hastings apparently heard the backlash (and the 60% dip in the stock price, probably) and has decided to keep both portions of the business under the existing Netflix brand. Hastings said in a blog post this morning:
Consumers value the simplicity Netflix has always offered and we respect that. There is a difference between moving quickly -- which Netflix has done very well for years -- and moving too fast, which is what we did in this case.
In fact, the company moved so fast they may not have even gotten around to registering the Qwikster trademark. They certainly didn't do much research in to the @Qwikster Twitter handle, which turned out to be owned by a weed-smoking muppet.
Aside from the stock price snafu, the newly whole company is still down about a million subscribers after the price changes prompted a mass exodus.