Well, that was ugly. Third-quarter subscriber losses for Netflix were even worse than projected. The guidance for 2012 was worse still. Shares of Netflix plunged 36 percent from Tuesday’s opening bell and the company has now wiped out more than $12 billion in market value in just 104 days. So what will Reed Hastings and company do for an encore? If you’re inclined to give Hastings the benefit of the doubt (a big if), you can take some heart from his third-quarter letter to shareholders, which spells out Netflix’s content strategy for its streaming service more clearly than in the past. Short version: We’re building an $8 a month version of HBO, which means we don’t need to have everything, just a few things you can’t get anywhere else.