PSA-Are you using the $9.95 monthly MoviePass to see movie? Then use it while you still can because

[Svnla]

things are not looking good for the company.

https://www.bloomberg.com/news/arti...cash-runs-low-as-9-95-monthly-deal-takes-toll

 

[purbeast0]

Who would have thought that paying $10/month to watch unlimited movies that are like $13+ per would be a bad business plan!

 

[Sonikku]

They're losing money on every customer, but that's ok. They'll make it up on volume.

 

[clamum]

I'm scurred

 

[Red Storm]

I was told you have to be near the theater and buy your ticket within 30 minutes of showtime, and those were the deal killers, not the price. I currently have Tuesdays and Wednesdays that are half off days at some local theaters, so even going to see one movie a week is pretty cheap, and I don't need to subscribe to some company's service to do it.

 

[sactoking]

They're losing money on every customer, but that's ok. They'll make it up on volume.

It worked for Amazon!

 

[Carson Dyle]

I was told you have to be near the theater and buy your ticket within 30 minutes of showtime, and those were the deal killers, not the price.

Why is that a deal killer, unless the movie is expected to be sold out? Doesn't it only mean that you can't buy a ticket in advance?

 

[Paladin3]

I've been rocking my Movie Pass since when they first lowered it to $10/month last year. It only covers standard movies, and you only have 30 minutes to buy your ticket after checking in on the app. They just instituted only being able to watch a particular movie once. They are also asking some high use members to upload a photo of their ticket to verify what movie you saw. All to fight fraud they say.

I also read that they weren't offering unlimited plans for awhile, and were only selling plans that allowed you to see 4 movies a month. But according to a thread on slickdeals the unlimited for $10/mo is back while it lasts. So jump on it if you want it, or ride your existing plan until the horse is dead, but I don't think the pass itself was ever supposed to be a money maker for the company. MoviePass was supposed to be making up the cash they were bleeding by selling subscribe movie-going data from the app. And there were also plenty of rumors that the owners wanted to take the company public or sell it, and only offered the cheap unlimited pass to boost the subscriber base and make the company more attractive to a buyer or shareholders.

Lots of rumors, so who knows. At $10/mo it's been great for me because I don't work much over the winter and have plenty of free time for movies. The folks I feel bad for are those who recently bought a year subscription if the company goes belly up soon.

 

[Carson Dyle]

It only covers standard movies, and you only have 30 minutes to buy your ticket after checking in on the app.

How does that work? You get to the theater, check in on the app, go get a ticket. Has the theater has been notified somehow, or how exactly is it paid for? Why is that 30 minute window an issue?

I checked the site tonight and they'e still taking signups for the $9.95 unlimited plan. They claim you can cancel at any time, so if they went out of business next month, I'd expect anyone with a subscription wouldn't be on the hook for the remaining months.

 

[Aikouka]

How does that work? You get to the theater, check in on the app, go get a ticket. Has the theater has been notified somehow, or how exactly is it paid for? Why is that 30 minute window an issue?

I checked the site tonight and they'e still taking signups for the $9.95 unlimited plan. They claim you can cancel at any time, so if they went out of business next month, I'd expect anyone with a subscription wouldn't be on the hook for the remaining months.

MoviePass is a two-part system with the app (that you log into with a MoviePass account) and a MoviePass credit card. The card itself is sort of like those fillable cards that you see in grocery stores, and when you check in to purchase a ticket, MoviePass credits your card with the amount required to purchase it. So, after you check in, you have to then go into the theater and buy the ticket using the MoviePass credit card. There are some theaters that are directly tied-in with MoviePass, and those don't require the card.

 

[rh71]

It worked for Amazon!

Not sure if serious, but Amazon is actually selling stuff for profit too.

 

[Aikouka]

Not sure if serious, but Amazon is actually selling stuff for profit too.

I think he means how Amazon retail has not exactly been a huge money-maker and that AWS has usually helped the company stay profitable. This is an older article, but it goes into that a bit. It's doing better now, but they still make far more percentage-wise from AWS (2.67% of revenue as income for NA sales and 24.81% of revenue as income for AWS).

 

[Paladin3]

How does that work? You get to the theater, check in on the app, go get a ticket. Has the theater has been notified somehow, or how exactly is it paid for? Why is that 30 minute window an issue?

I checked the site tonight and they'e still taking signups for the $9.95 unlimited plan. They claim you can cancel at any time, so if they went out of business next month, I'd expect anyone with a subscription wouldn't be on the hook for the remaining months.

The card is a MoviePass branded MasterCard debit card that they authorize for one movie ticket purchase within 30 minutes after you check in on the app. The theater really has really no choice but to accept it if they take MasterCard. The card does have a "Card valid only at MoviePass Theaters" disclaimer on it, but once I pointed out the MasterCard logo it's been accepted everywhere I tried to use it.

 

[Stopsignhank]

The article said the stock price dropped 30% and my first thought was, they have stock? People really invested in this? Then the article states they can raise more money by selling more stock. Who the hell is buying this stock?

 

[Ichinisan]

You'd think all the theaters would support discounted rates for MoviePass so it would help compete against streaming at-home services.

 

[Red Storm]

Why is that a deal killer, unless the movie is expected to be sold out? Doesn't it only mean that you can't buy a ticket in advance?

I always buy my tickets in advance. I just show up at the theater and walk through with my phone ready to scan.

 

[Not So Mild]

https://www.businessinsider.com/mov...ompany-temporarily-running-out-of-cash-2018-7

Things really aren't looking good. Why not just close your doors while you're behind than fall even further and further into debt that you'll never repay.

 

[Red Storm]

https://www.businessinsider.com/mov...ompany-temporarily-running-out-of-cash-2018-7

Things really aren't looking good. Why not just close your doors while you're behind than fall even further and further into debt that you'll never repay.

Probably hoping for a buyer to swoop in.

 

[Aikouka]

What's even worse is that the service has changed heavily. The original idea was "See a movie a day for free for $9.95", but that's not the case anymore. Now, if you want to see what's essentially a popular movie, you have to pay an extra fee each time. Looking at my MoviePass app, pretty much every new movie with the exception of Blindspotting has the icon indicating it has an extra fee.

 

[Darwin333]

https://www.businessinsider.com/mov...ompany-temporarily-running-out-of-cash-2018-7

Things really aren't looking good. Why not just close your doors while you're behind than fall even further and further into debt that you'll never repay.

Well it isn't their money and like you said they probably won't ever repay it. And also the post below, hoping someone will buy them and they might make a few bucks.

 

[s0me0nesmind1]

Who would have thought that paying $10/month to watch unlimited movies that are like $13+ per would be a bad business plan!

All these new "tech" innovations are really just data harvesting.

The plot behind this movie thing was to get a bunch of stupid investors... harvest people's data for a year or two... then sell the company at some overpriced value is my guess.

 

[Wreckem]

What's even worse is that the service has changed heavily. The original idea was "See a movie a day for free for $9.95", but that's not the case anymore. Now, if you want to see what's essentially a popular movie, you have to pay an extra fee each time. Looking at my MoviePass app, pretty much every new movie with the exception of Blindspotting has the icon indicating it has an extra fee.

You get around peak pricing by buying your tickets early in the day. You can buy tickets anytime during the day just have to do it within 30 minutes of checking in. Buy tickets before 1 got an 8 showing and you probably won’t pay the surcharge.

 

[Wreckem]

All these new "tech" innovations are really just data harvesting.

The plot behind this movie thing was to get a bunch of stupid investors... harvest people's data for a year or two... then sell the company at some overpriced value is my guess.

Maybe that was the plan but not anymore. A company bought MoviePass last year. Dropped the monthly pricing from $65 to $9.99. They have lost their investment and burned through hundred of millions. Currently MoviePass is a penny stock and is junk.

 

[Wreckem]

Well it isn't their money and like you said they probably won't ever repay it. And also the post below, hoping someone will buy them and they might make a few bucks.

Helios bought majority a 61% stake of movie pass then bought more for $50million, and $30million. Now they own 91% or moviepass. They have since sold a $150million in Helios stock to finance moviepasses operations. All told they have spent atleast $230million in company and investor money and have also took out a shit ton of debt. Not sure how someone gave them a $5million loan last night. Fools and their money were parted for sure.

They also bought MovieFone from Verizon earlier this year.The original founders of moviepass who still actually run movie pass look like they have probably made a little bit of money but the company that owns 91% or movie pass has definately lost its shirt. Or it’s investoes lost their shirts.

Hell three days ago Helios did a reverse split to boost its Stock price and it immediately dropped 50% after the reverse split. It’s down another 70% today. They are down to the end. Moviepass won’t last more than a few weeks at most.

 

[dud]

Come on ...

A blind man with a cane could have seen this eventual outcome. I too am a consumer but anyone who bought into MoviePass had to believe that it was too good to last. Frankly, I never considered a membership because the quality of movies has deteriorated so much that I only see an in-theater movie every other year!

Why would this be a surprise to anyone?????