MoviePass™ throws in the towel

Updated On: September 17, 2019
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Today, we dive deep on the end of MoviePass™ with insight from one former subscriber. Plus, we tell you where Tien Tzuo's "Subscribed" is on tour, drop details on your new meeting organization sidekick, and bring you a podcast that debates the question: will all companies in the content world become media companies?

 

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Deep Dive


R.I.P. MoviePass™

After months of bad press, MoviePass™ has officially stopped its services. Last year, the company laid off huge swaths of it staff. Recently, MoviePass™ 'temporarily' shut down services in July and exposed its customers' credit card numbers in plain text online last month. 

Parent company to MoviePass™, Helios and Matheson Analytics Inc, revealed in a press release last week that the service for all subscribers would end starting September 14th because efforts to recapitalize were not successful.

The press release went into further detail,

“The company is unable to predict if or when the MoviePass™ service will continue. The Company is continuing its efforts to seek financing to fund its operations. There can be no assurance that any such financing will be obtained or available on terms acceptable to the committee."

ProfitWell pricing strategist and MoviePass™ subscriber, John Mangini, weighs in on what he believes led to the end. When asked how MoviePass™ ran out of money, he said,

"They had a good value metric in number of movies, but what they didn't realize was every single movie cost them more money. So, once you went to more than one movie a month, you literally were already becoming a negative customer cost."

Although the press release says MoviePass™ will continue seeking funds, Mangini said he doesn't think the company will be able to bounce back.

"I think it becomes one of those cool startups that had a good idea, that did change the space for a little bit, but ultimately there's just no way it can come back."  

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And that’s a wrap for your September 17th subscription news. Recruit your friends into the subscription know by sending them to recurnow.com to sign up for episodes on the daily.

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