MoviePass Will Shut Down For Good on September 14 (cnbc.com) 22
MoviePass announced on Friday it's shutting down the discount ticketing service on Sept. 14. From a report: MoviePass parent company Helios and Matheson Analytics notified subscribers that it plans to close down the service because its "efforts to recapitalize MoviePass have not been successful to date." It has formed a strategic review committee, made up of the company's independent directors, that's reviewing "strategic and financial alternatives" for the company. Among the options it's considering are a sale of the company in its entirety, a sale of the company's assets, including MoviePass, Moviefone and MoviePass Films, as well as the possibility of a reorganization of the company.
Color me unsurprised? (Score:3)
I am totally shocked - really, I am. Changing your Terms of Service constantly, charge people when your service is shut down, make it so they have to agree not to sue you when they log back in. I am only shocked it took this long before people said, Fuck This Shit, and left.
Movie Ponzie? (Score:5, Insightful)
So it seems like this is actually a new kind of legal Ponzie scheme.
1. get investors
2. Create a new subscription service with pay-a-year at a time
3. pay yourself a salary
4. lose money buying movies using the new subscribes year long subscriptions
5. wait for the capital to go dry
6. Move on--- you got paid a nice salary and learned a lot about managing a bussiness.
Re: (Score:2)
Nah, that model is burned now.
At least add "on a computer" to it to find new dupe... investors.
Not a Ponzie (Score:2)
Re: (Score:2)
We're losing money on every ticket, but we'll make it up in volume!
Yeah, that's not a scam at all.
It's got nothing to do with that (Score:2)
The real problem was they massively underestimated how often people will go to the movies. It was supposed to be like a gym membership but instead folks were seeing 2-3+ movies a day sometimes. If I had to guess they had a lot of retirees and a lot of people hanging out for the Air Conditioning. Either way give people an unlimited movie pass and they'll actually use it.
1 year memberships? (Score:2)
Re: (Score:2)
That was totally unexpected. Who thought they would make it a year?
Re: (Score:2)
Refunding the recently purchased?
I am shocked. SHOCKED! (Score:2)
Well, not that shocked [youtube.com].
Meh (Score:1)
I never saw the value in it to begin with. Not much worth watching lately. I had a bunch of movie gift cards I sold at a loss a few months ago. I think the last film I saw in theaters was "Wreck-It Ralph Googles Turkey Drop". Nothing much of interest since then.
from the who-were-they dept (Score:2)
Millennials say... (Score:2)
Re: (Score:1)
Seen the new unlimited resort pass? (Score:2)
I was amazed when 2 weeks ago some outfit started advertising an unlimited stay at any (selected?) resort, rebook, go elsewhere all for only $2,200 (or so) a month. The video shows a cascade of well known desirable destinations. This is the highest "subscription" rate I've seen for anything. I predict the same outcome as Movie Pass, for the exact same reasons.
Re: (Score:3)
Decided to stop throwing away money? (Score:2)
But whhhhhhhhhhyyyyyyyyy........
LOL, MovieWhat? (Score:2)
I watched this entire debacle from afar, and I should have placed bets that it would end this way.
About time! (Score:2)
These clowns should have gone years ago. Good riddance to bad rubbish.
Can we see more of these 'lose money forever' companies go down, please?
I loved using Movie Pass (Score:2)
Who needed it? (Score:2)