https://qz.com/1342419/moviepass-stopped-working-because-it-ran-out-of-money/
Subscription movie service MoviePass made a name for itself by practically handing out money. The popular service, owned by parent company Helios and Matheson, charges $9.95 a month to see up to one regular 2D movie in theaters a day—including in markets like New York, where a single ticket can easily top $10. MoviePass pays the theaters full price for each ticket.
How fast has the money gone? In May, MoviePass reported spending $40 million more in cash than it brought in. For June, it expected that gap to increase to $45 million. In July, the cash finally ran out.
“If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass, Inc. (“MoviePass”), which would cause a MoviePass service interruption,” Helios and Matheson reported in a securities filing on July 27. “Such a service interruption occurred on July 26, 2018.”
I guess they grew too quickly in today’s society where people are more inclined to do things that are strenuous I guess this was expected
Subscription movie service MoviePass made a name for itself by practically handing out money. The popular service, owned by parent company Helios and Matheson, charges $9.95 a month to see up to one regular 2D movie in theaters a day—including in markets like New York, where a single ticket can easily top $10. MoviePass pays the theaters full price for each ticket.
How fast has the money gone? In May, MoviePass reported spending $40 million more in cash than it brought in. For June, it expected that gap to increase to $45 million. In July, the cash finally ran out.
“If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass, Inc. (“MoviePass”), which would cause a MoviePass service interruption,” Helios and Matheson reported in a securities filing on July 27. “Such a service interruption occurred on July 26, 2018.”
I guess they grew too quickly in today’s society where people are more inclined to do things that are strenuous I guess this was expected
