Netflix, Inc. (NFLX) Financial News - Netflix Customers Jam Phones Over Price Increase, Analyst Greenfield Says
Netflix, Inc. (NFLX)
Netflix Customers Jam Phones Over Price Increase, Analyst Greenfield Says
2011-07-14 03:09:48Quote: Netflix, citing the costs to acquire and deliver films and TV shows, said yesterday that the $9.99-a-month package of DVD- by-mail and unlimited streaming for U.S. customers would be split into two services costing $7.99 each. When customers threaten to cancel, operators suggest waiting until the price increase takes effect in September, Greenfield said. â€œThere was simply no promo or â€˜saveâ€™ technique to offer us a discount to retain our business,â€ Greenfield wrote. â€œThis would appear to illustrate that Netflix is simply not concerned with the prospect of losing customers.â€ A minority of consumers say theyâ€™re happy about the billing change because theyâ€™ll save money by only paying for DVDs or streaming, he wrote, citing conversations with service representatives. Steve SwaseyLos Gatos, California-based company, said in an interview. He wouldnâ€™t say how many customers are canceling because of the higher prices. â€œWeâ€™ve been getting tremendous caller volume today and yesterday,â€ Swasey said. â€œSome will leave and some of those will eventually come back. Itâ€™s still a great value.â€ Netflix gained $7.46, or 2.6 percent, to $298.73 today in Nasdaq Stock Market trading. The shares have climbed 70 percent this year. Los Angelesafixmer@bloomberg.net firstname.lastname@example.org ...
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