What is the biggest product fail that you have ever seen?
I have seen many products come and go during my time, but none had left such a strong impact on me as the rise and fall of Qwkister. For those young folks out there Qwikster was the hairbrained offshoot of Netflix, a brand created to replace the slowly dying Netflix DVD business in the US.
On July 11th 2011 Netflix CEO Reed Hastings announced Qwikster, a spinoff company that nearly destroyed Netflix.
In the spring of 2011, Hastings, Netflix's widely admired chief executive, held a meeting with his management team and outlined his blueprint to jettison Netflix's DVD operations. Netflix managers would tell subscribers on July 12 that they planned to do away with a popular subscription that offered access to DVD rentals as well as unlimited on-demand streaming video for $10 per month. DVDs and streaming would be separated and each would cost subscribers $7.99 a month, or $15.98 for both, about a 60 percent hike. The changes would take place in September.
This in hindsight was a very, very bad idea, and pissed off a lot of people, especially Wall Street: