New York
CNN
—
Netflix is officially winding 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 out the last red envelope,” the company tweeted Tuesday. “It has been a real pleasure and honor to deliver movie nights to our wonderful members for 25 years.”
“Our goal has always been to provide the best service for our members, but as the DVD business continues to shrink, that will become increasingly difficult,” co-CEO Ted Sarandos wrote in a blog post on Tuesday. “Making 2023 our final season allows us to maintain our quality of service on the final day and go out on a high note.”
The company reported a miss for its second-quarter earnings after the stock market closed on Tuesday. The stock fell by around 6 percent.