Here's the short version:
Netflix had a lot of happy(~ish) customers paying $X/mo for a 2-part service. Then they split that service into 2 "companies" and charged $0.8X for each of those services*. Oh and one of those services they didn't own its corresponding Twitter handle, that didn't help. A month(~) goes by, they see the reactions, and reverse the split.
Much bigger summary without questionable math* http://www.idsnews.com/blogs/weekendwatchers/?p=9241
Funnier summary
http://theoatmeal.com/comics/netflix
Click the source links for more.
http://consumerist.com/2011/10/netflix-ceo-explains-qwikster-fracas-to-catty-nytm-reporter.html & https://www.nytimes.com/2011/10/23/magazine/talk-reed-hastings-knows-he-messed-up.html?_r=1
http://technologizer.com/2011/09/19/qwikster-not-to-be-confused-with-quixtar-quickstar-kwikster-quickster-kwik-star-quik-star-or-kickstar/
*Aware my math makes very little sense
Earlier link -> http://www.dannyfinnegan.com/2011/09/oatmeal-netwiches.html
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