(CNN) -- Netflix Co-founder and CEO Reed Hastings made a public apology in his blog Sunday after a customer outburst against a hike in prices. "I messed up," Hastings said. "I owe everyone an explanation." Hastings posted the mea culpa after a barrage of customer backlash that caused Netflix stock to plunge. Netflix subscribers quit the service in droves last week after the unexpected increase. Enraged customers flooded the Netflix site with tens of thousands of comments, as well as a barrage of tweets under the hashtag #DearNetflix. "In hindsight, I slid into arrogance based upon past success," Hastings said. "We have done very well for a long time by steadily improving our service, without doing much CEO communication."CEO promises to regain custromers' trustDVD-by-mail service will change name to "Qwikster"Movie streaming service will keep "Netflix" monikerCustomers who want mail delivery and streaming service will have to subscribe to both
Hastings goes on to explain the company's plans to rename its DVD-by-mail service _, while keeping the Netflix name for the online movie streaming service. Members who subscribe to both services will have two entries on their credit card statements, one for _ and one for Netflix.