Netflix saw shares drop 14.5 percent today, after the company announced it was lowering estimated third quarter subscriber numbers by a million.
The news comes just two weeks after the rental giant effectively doubled subscription prices. That price hike occurred the same day cable network Starz announced that they would stop providing movie content to Netflix.
Consumers, it seems, don’t want to pay more for less.
Customer service seems to be taking a hit as well. As a Netflix subscriber, I was surprised that the company, which has never been shy about flooding inboxes, didn’t send me notice that they were raising service fees. If I didn’t read the news, the extra charges would have come as a complete shock.
Make that a million and one subscribers, Netflix.