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=DJ NEWS WRAP: Netflix Cuts DVD-Rental Subscription Price
LOS GATOS, Calif. (Dow Jones)--Movie-rental service Netflix Inc. (NFLX) on Monday slashed its subscription price in what was seen as a bid to blunt competition from new entrants into its niche of renting DVD movies by mail.

The Los Gatos company cut the price for DVD rentals to $17.99 a month from $21.99. Just this past June, it had raised the price to $21.99 a month from $19.95.

Users of the Netflix service choose the DVDs they want to rent online, then receive them via traditional mail and return them by mail when they are finished. Users can have three titles out at a time.

Blockbuster Inc. (BBI) slashed the price of its similar DVD delivery service on Oct. 25 to $17.49 a month from $19.99.

Wal-Mart Stores Inc. (WMT) now has the highest subscription price, $18.76 a month, for a service that allows three movies to be out at a time. But it also offers a two-title subscription for $15.54 a month.

Amazon.com Inc. (AMZN) also is expected to start up a movie-rental service.

For the third quarter, Netflix posted earnings of $18.9 million on revenue of $141.6 million. The company had 2003 revenue of $272.2 million.

Shares of Netflix closed Monday at $9.43, down 4 cents, or 0.4%, on the Nasdaq Stock Market.


(END) Dow Jones Newswires

November 01, 2004 16:27 ET (21:27 GMT)- - 04 27 PM EST 11-01-04