Netflix announced on Saturday that it has lost over 1 million customers since raising their prices recently. In a public statement release, the company said that it had to do what is best for its customers and stockholders who demand more profits.
As a result of the announcement, prices for the stock on futures market have fallen 19%, and are expected to open on Monday trading down even more.
Netflix previously said it expected some losses as a result of the price hike, and recently said they are not going to lower the price to woo back the lost customers. They even hired extra call center employees to deal with the influx of calls from customers complaining about the hike.
Netflix believes that despite the increase in price, it will make them more profitable, and over a period of time with new marketing will attract new customers.