An era ends! Netflix announces exit from DVD rental business
2023-04-19
Netflix announced on Tuesday that it will close later this year the DVD rental business that started out as a streaming video giant and that rival Blockbuster has long since gone bankrupt .
Netflix executives announced Tuesday afternoon local time that the company will mail out its last red DVD envelope in 25 years on Sept. 29. Revenue from the business has fallen over the past decade from more than $900 million in 2013 to less than $150 million last year.
"Our goal has always been to provide the best service to our members," Netflix co-CEO Ted Sarandos said in a blog post titled "Netflix DVD - Final Season." But that will become increasingly difficult as the business continues to shrink."
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