new York
CNN
—
Netflix is officially shutting 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 the red envelopes that made it possible.
“On September 29, 2023, we will send the last red envelope,” the company said. tweeted Tuesday. “It has been a true pleasure and honor to provide movie nights to our wonderful members for the past 25 years.”
“Our goal has always been to provide the best service to our members, but as the DVD market continues to shrink, that’s going to become increasingly difficult,” co-CEO Ted Sarandos wrote in a blog post Tuesday. “Making 2023 our final season allows us to maintain our quality of service through the final day and end on a high note.”
The company announced after the market closed Tuesday that its second-quarter results were down. Shares fell about 6%.
