- Moviepass users, time just might be up on your great deal!
- Helios and Matheson, the analytics firm that bought Moviepass and has been funding its 9.95 unlimited film viewing subscription service has reported they only have enough cash to run for one more month.
- In a filing, HMNY stated they only have 15.5M in cash on hand and are owed 27.9 million from merchants who have taken Moviepass subscription payments.
- Moviepass puts out about 21.7M a month in tickets, or about $750,000 a day.
- The stock plummeted to $1 this morning at this news that the subscription service might have run its course.
- Helios and Matheson says they believe they have enacted changes (no more repeat viewings, ticket verification to weed out fraud) that will save the company going forward and aren't out of the game yet.
- CEO Mitch Lowe, who notoriously loves being interviewed, has been silent on all avenues of social media since the Moviepass/iHeartRadio promotion was announced.
Fellow ONTD MP users, better get your films in now before your cards no longer work...