Netflix Introduces Qwikster; DVD Rental Business Spun Off Into Separate Unit (VIDEO)

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Sept. 19 2011 1:04 PM

Netflix Introduces Qwikster; DVD Rental Business Spun Off Into Separate Unit (VIDEO)

Qwikster is trending after Netflix announced it is splitting its business into two parts: digital streaming, which will keep the name Netflix, and DVD rental, which will go by the new moniker Qwikster.

In an email to customers, Netflix CEO and co-founder Reed Hastings explained the move and apologized for the recent bungled price hike that drove away hundreds of thousands of subscribers and caused a steep drop in the company's stock price.

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Hastings says the name Qwikster refers to "quick delivery" and assures customers the split will benefit them in the long run, but online reactions are so far mixed.

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