Netflix is now Qwikster…Kinda

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Photo by Elizabeth Fuentes/Getty Images for Netflix

Photo by Elizabeth Fuentes/Getty Images for Netflix

Netflix CEO Reed Hastings released a video apologizing to subscribers for how the price increase has been handled, but is he actually serious?

The apology sent to subscribers of the service apologized for a variety of things, and then announced that Netflix would be spinning off its DVD-by-mail service into a new company called Qwikster. Reed hilariously compares their service to AOL and Borders, which makes us wonder how seriously the guys over at Netflix are taking this whole thing. Check out the video of his “apology” below.

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