MoviePass honchos Mitch Lowe and Ted Farnsworth are nonetheless making an attempt to interrupt the moviegoing enterprise mannequin.
Up to now, although, The Avenue is about as horrified as actor Macaulay Culkin was in “Residence Alone.”
Lowe and Farnsworth’s dream started a yr when Helios and Matheson-owned firm shook the cinema biz with a $9.95-a-month, movie-a-day subscription service.
As soon as a sleepy firm with 9 staff and 20,000 subscribers, MoviePass shortly ballooned right into a three million-subscriber behemoth.
However because it footed the invoice for all these film tickets, MoviePass burned by means of greater than $300 million in money. One yr later, its inventory is just about nugatory — and now its very existence is threatened because it slashes providers and desperately searches for brand new traders.
Right here’s the yearlong storyline — a cautionary story for traders if there ever was one:
Aug. 15, 2017:
Month-to-month all-you-can-see go slashed to $9.95.
Nov. 17, 2017:
Pay a yr up entrance for $6.95 month-to-month go.
Feb. 8, 2018:
2 millionth subscriber indicators up.
Could 8, 2018:
Farnsworth tells The Put up he’s “not apprehensive concerning the money burn in any respect.”
June 15, 2018:
MoviePass-backed “Gotti,” starring John Travolta, scores zero % ranking on Rotten Tomatoes.
July 24, 2018:
H&M proclaims 1-for-250 reverse inventory cut up.
July 31, 2018:
“Any theater. Any film. Any day.” promise pulled from web site.
Aug 14, 2018:
5-cent flatline stirs end-of-days tales.