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Netflix Kills Qwikster

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THAT WAS QWIK
DailyFeed

Well, that was Qwik.

Not even a month since Netflix announced that it would be branching off its DVD rental service to the new site and brand Qwikster, the online rental house has thought better of the idea. Surprisingly, the move -- which would force customers into a separate account, a separate site, and a separate queue -- wasn't too popular among the masses. The bumbling decision followed the equally unpopular decision to split its unlimited rental option into two separate subscription services.

Hopefully, the Netflix cafeteria has enough crow to go around.

But despite DVD's precipitous decline and its inevitable demise, Netflix announced it will not be cutting the DVD chaff from the streaming video wheat. It promised that customers will continue to use "one website, one account, one password." Adding, "[In] other words, no Qwikster."

Although Netflix still sees DVD's future as dead as disco, the continued stream of unpopular decisions from management has wreaked havoc with the stock -- currently down $181.52 from its high of $298.73 in mid-July.

In light of Qwikster's quick death, our thoughts and prayers are with Twitter user and resident stoner Jason Costillo, aka @Qwikster.

Here's the company's press release in full:

DVDs Will Be Staying At Netflix.com

LOS GATOS, Calif., October 10, 2011 – Netflix Inc. (Nasdaq: NFLX) today said it will not rename its DVD-by-mail service and that its US members will continue to go to the Netflix website for both unlimited streaming and unlimited DVDs.

Netflix said in a Sept. 18 blog post that its DVD by mail service would operate at Qwikster.com. Instead, U.S. members will continue to use one website, one account and one password for their movie and TV watching enjoyment under the Netflix brand.

"Consumers value the simplicity Netflix has always offered and we respect that," said Netflix co-founder and CEO Reed Hastings. "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."

Netflix today informed its U.S. members in personal emails and a post on the Netflix Blog on www.netflix.com

(See also: Android's Future Wonder Delayed! and iPhone 4S Not as Versatile as You'd Think)

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POSITION:  No positions in stocks mentioned.

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