MoviePassholes Probably Out Of Luck As Company Tanks

July 30, 2018 | News | Sam Robeson | 0 Comments

 

MoviePass is the $10 a month subscription service allowing members practically unlimited access to movies that always seemed too good to be true. And, turns out, it is. Last Thursday MoviePassholes looking to see the amazing offering at the local cineplex caused a social media uproar when their passes did not work. The originally reported MoviePass glitch was actually just the company not having any capital for operating costs. This forced them to borrow $5 million, and by Friday people could once again gawk at the face to used to be Evangeline Lilly on the big screen.

But the $5 million was just a temporary fix, and now the company – which we can only assume intended to at some point use its 3 million subscriber base as leverage for exclusive lowered ticket prices – has never been profitable, and according to analysts, never will be. Via The New York Times:

A movie ticket costs roughly $10, so if a subscriber saw more than one movie per month, the company would likely lose money.

In April, the company disclosed to regulators that it was losing roughly $20 million per month since September, and that auditors, citing ‘significant net losses’ and problems with capital, doubted its ability to continue.

Our hearts go out to those no longer able to see quality movies like Jurassic World: Fallen Kingdom, Hotel Transylvania 3, Mama Mia!, and Ant-Man and the Wasp. A terrible day for movie magic. For culture. For Humanity.

Photo Credit: Twitter

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