If you’re a movie lover, and that’s the reason you subscribe to Netflix, there’s even more bad news from the company that seems to love torpedoing itself in recent weeks.
Netflix Chief Financial Officer David Wells says that most future content deals will be for TV shows, instead of movies, reports Bloomberg.
Wells made his comments at a Goldman Sachs Group conference, the story notes.
Furthermore, the story says that Netflix "is unlikely to respond to customer anger by rolling back prices, even for a short term, since that would be ‘kicking the can down the road,’ Wells said."
The article adds, "The decision by Netflix to split and rebrand its mail-order DVD business from the Netflix streaming service will help online growth, Wells said. The DVD business will focus on operating margin while the online business will emphasize subscriber growth, he said."
Wells also said that the company might spend 15% of its budget on original programming, the piece adds.
As previously reported, Netflix stock has lost more than half its value since July 11, the day before the company raised subscription prices by 60% for customers using both streaming and DVD services.
And TVWeek Open Mic blogger Chuck Ross has written a perceptive blog rant about Netflix’s recent moves that you can see if you click here.