Helios and Matheson, the parent company of the popular movie subscription service, said that it had a service outage on Thursday because it couldn’t afford to pay for movie tickets. The company borrowed $5 million Friday to pay its merchant and fulfillment processors.
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One day after the parent company of MoviePass announced a drastic effort to boost its stock price from 8 cents to $21, the price of the stock immediately tanked by more than 35%.
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Burning through cash, the owners of MoviePass need another $1.2 billion.
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MoviePass will add a new “high demand” charge for movies the app deems too popular for normal prices. The surge prices could fall between $2 and $6, if not more.
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The largest movie chain in America is creating a service that will rival subscription-based ticketing company MoviePass.
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Despite multiple reports that the subscription service may be on its last legs, MoviePass Inc. plans to add a slew of features that will help inspire new members to sign up for the app.
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Just weeks after capping the number of films subscribers can see in a month, MoviePass resurrected its popular “unlimited” plan.
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With losses mounting, MoviePass has capped the number of movies users can see in a month and placed limits on the number of times certain movies can be viewed.
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MoviePass, the ticket subscription company, is buying Moviefone, the 29-year old movie directory service.
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