I messed up. I owe everyone an explanation.

That’s how the blog post from Reed Hastings begins. Finally! I mean this is what we’ve been waiting for! It gets better:

In hindsight, I slid into arrogance based upon past success. We have done very well for a long time by steadily improving our service, without doing much CEO communication. Inside Netflix I say, “Actions speak louder than words,” and we should just keep improving our service.

OK…so….we screwed up…so to fix it….

So we realized that streaming and DVD by mail are becoming two quite different businesses, with very different cost structures, different benefits that need to be marketed differently, and we need to let each grow and operate independently. It’s hard for me to write this after over 10 years of mailing DVDs with pride, but we think it is necessary and best: In a few weeks, we will rename our DVD by mail service to “Qwikster”.

Gigga-WHAT?! I’m sorry? You freely admit you handled the who thing wrong and your brilliant answer is to split your company…

Wow. I’m not quite sure I get this brilliance behind this one.

And you named it Qwikster? Seriously? Qwikster?

We chose the name Qwikster because it refers to quick delivery. We will keep the name “Netflix” for streaming.

Look, I’m sure that there might be something to this for Net…Qwik…Them, but at a time when your company is having an identity crisis…uh complicating your identity even more is…well just silly.