Netflix is officially ending the business that helped make him 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 be sending out our last red envelope,” the company said chirp Tuesday. “It has been a real pleasure and honor to provide movie nights for our amazing members for 25 years.”
“Our goal has always been to provide the best service to our members, but as the DVD business continues to shrink, that will become increasingly difficult,” co-CEO Ted Sarandos wrote in a blog Tuesday. “Making 2023 our final season allows us to maintain our quality of service until the last day and come out on top.”
The company reported a loss in its second-quarter earnings after the market closed on Tuesday. Shares fell about 6%.