At a J.P. Morgan conference held in Boston on Wednesday, Netflix CFO David Wells said that the company was looking up and, more importantly, customers who cancelled the service because of the Qwikster rebranding, plan repricing, and subsequent poor PR are now returning.
The company drove users away due to a considerable price hike on its cheapest disk plan – from $9.99 to $15.98 – as well as its ham-handed decision to split the company into a streaming arm – Netflix – and a disc-in-the-mail arm – Qwikster. Wells said:
Netflix pricing is currently set at $7.99 a month for one DVD (not Blu-Ray) disc out at a time or unlimited streaming, and $16 for unlimited streaming and one disc. The steady return of disgruntled customers is a testament to the breadth of Netflix’s streaming selection and general economic improvements.