Qwikster, Netflix spawn, continues DVD delivery; Company CEO apologizes, keeps price same

reed-hastings-nflx-getty.jpgNothing like losing $8 billion to make you ... well, not really do anything.

Netflix, the DVD delivery and download firm that's been crushed by Wall Street since announcing price hikes and an unbundling of services, is renaming their DVD-by-mail plan Qwikster. But the new price that drove more than one million customers away since July remains unchanged.

"I messed up," writes Netflix Co-Founder and CEO Reed Hastings apologizing for the lack of customer communication but not the price increase. "It is clear from the feedback over the past two months that many members felt we lacked respect and humility in the way we announced the separation of DVD and streaming, and the price changes."

When launched, the Qwikster service will have its own site, log-in and account preferences. It will also offer video game rentals for the Wii, XBox and PlayStation 3 at an additional price.

The company also issued a "We're sorry video" in which Hastings and Qwikster's new head, Andy Rendich, apologize for not communicating adequately with customers.

Here's the video...


Photo/Video credit: Getty Images