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UPDATE: Netflix Back Up Running

22 Mar, 2011 By: Erik Gruenwedel

Netflix's website and streaming service were back up running March 22 after an unknown glitch sidelined the online disc rental pioneer for more than three hours in the early evening March 22.

Los Gatos, Calif.-based Netflix's site, including access to subscriber rental queues and streaming, went down at approximately 5 p.m. (PST) and was back up running at 8:30 p.m. Throughout the entire outage Netflix continued to ship and receive DVD and Blu-ray Disc rentals.

With more than 20 million subscribers — the majority stream content — the prospect of technical issues materializing on its numerous networks isn’t surprising. The glitch, however, marks the fourth time Netflix has been down since last October and represents somewhat of an embarrassment to the service's status as a digital driver of home entertainment.

The cause of the outage wasn't immediately known, according to spokesperson Steve Swasey.

Regardless, Netflix shares rose more than 4% (to close at $221.39 per share) following a glowing report from Credit Suisse analyst John Blackledge, who earlier in the day described the service's lofty share valuation as "more appealing." He echoed previous sentiments from Merriman Curhan Ford analsyt Eric Wold, who said Neflix would see minor competition from Amazon Prime streaming and increased subscriber growth with international expansion.

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