Folks used to love MoviePass, but now they have been waiting for it to shut down. The financially-troubled service has been through a lot lately. At one time it offered a cinema ticket per day for a monthly fee but then had to retroactively switch to just three movies a month. However, it looks like the service will be around for a bit longer. As long that is, as long as the raised $65 million in funding can sustain it anyhow.
It also looks like the company’s restrictions on memberships have helped MoviePass since these customers aren’t heading to movies that often these days. The CEO of the company’s owner Helios & Matheson Ted Farnsworth said recently that “people are going to less than one movie a month.”
Farnsworth ruled out the possibility of bankruptcy and also revealed that the company secured the fresh funding in September but didn’t talk about the investors and terms of the deal. “We’re doing M&A, we’re looking at all kinds of acquisitions at any given time and we’ll grow the company that way and I think you’ll see over the next few weeks,” he said.
MoviePass is looking for ways to diversify its business model and these ways might include co-acquisition of indie movies and even monetizing the company’s subscriber base with targeted marketing. We will see what happens with this endeavor.
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