New York
CNN
—
Netflix is formally winding down the enterprise that helped make it a family title.
This fall, the streaming big will formally say goodbye to its DVD rental service and the entire pink envelopes that made it doable.
“On September twenty ninth, 2023, we are going to ship out the final pink envelope,” the corporate tweeted Tuesday. “It has been a real pleasure and honor to ship film nights to our great members for 25 years.”
“Our objective has all the time been to offer the most effective service for our members, however because the DVD enterprise continues to shrink, that’s going to change into more and more troublesome,” co-CEO Ted Sarandos wrote in a blog post Tuesday. “Making 2023 our Remaining Season permits us to keep up our high quality of service by the final day and exit on a excessive word.”
The corporate reported a miss for its second-quarter earnings after market shut on Tuesday. Shares fell by round 6%.