“Our goal has always been to provide the best service for our members, but as the business continues to shrink, that’s going to become increasingly difficult,” the company said in a statement shared with a news outlet.
In April 1998, the now-ubiquitous streaming service began mailing rented DVDs. In 2007, the firm launched its online streaming and video service, about a decade after its first CD was delivered out in a red envelope (that movie, by the way, was “Beetlejuice“).
Since then, Netflix says it has sent over 5.2 billion mailer DVDs and accrued more than 230 million paid memberships for its streaming services. The company is currently valued at around $150 billion.
The move comes as the streaming giant continues to make its foray into producing and investing in original content. In March, Netflix won six major Oscars at the 95th Academy Awards, including best international feature for “All Quiet on the Western Front” and best animated feature film for “Guillermo del Toro’s Pinocchio.”
“We feel so privileged to have been able to share movie nights with our DVD members for so long, so proud of what our employees achieved and excited to continue pleasing entertainment fans for many more decades to come,” the company said in a statement on Tuesday, in part.
Netflix released its Q1 earnings report on April 18 at 6 p.m. ET.