4. The Netflix/Qwikster Fiasco
Date: July-Oct. 10, 2011
The DVD/online streaming service made everyone's shit list more than once this year. In July, after implementing a 60 percent price hike, Netflix CEO Reed Hastings sent an email to all of its subscribers saying it would split the DVD business from its streaming Netflix business to create a new DVD-mailing service called Qwikster. Three months later, before its launch, the project was scrapped and Hastings admitted he f’d up via blog post: “I messed up. I owe everyone an explanation...In hindsight, I slid into arrogance based upon past success." The damage had already accumulated, as the company's revenue shrunk from $16 billion to $4.6 billion in three months, while losing 800,000 subscribers. Qwik drop, huh?