TV Lift Owners, do you subscribe to Netflix?  If so, here is the latest news with Netflix.  Netflix’s decision to raise their pricing by 60 percent has lead to the cancellation of 600,000 customers.  Wall Street reported its shares dropping about 19 percent or to $39.46, to close at $169.25 last Thursday.  This stock price is 40 percent lower than what it was valued at before the company unveiled its risky pricing strategy.  The cost to shareholders is more than $6 billion and may be more.

Earlier this month Starz Entertainment decided not to renew their licensing rights to Netflix.  As many of you know, Starz provides over a 1,000 movies to Netflix’s video library.  Showtime also has pulled back on some of their movie selection with Netflix.  These changes are set to take place in March.

With these serious setbacks and high price increase, it will be interesting to see how many other subscribers cancel.  Netflix definitely needs to act quickly in order to save their customers from switching over to their competition such as Amazon and Hula Plus.