Once the numero uno online video streaming king, Netflix, is now having its worst time ever. CEO Reed Hastings just mentioned that Netflix will start to lose money for pretty much the whole of 2012. The company is also selling 2.86 million shares to mutual funds and a whopping $200 million in convertible bonds to investment funds, to raise some cash.

The downfall started in July 2011 when the company announced that it will be charging separate prices for its DVDs-by-mail service. As a result of that an estimated 1 million Netflix boycotted the service within a few months. To make things worse for Netflix, other companies are gradually joining the online movie-streaming bandwagon including vendors like Amazon and even Google.

CNN