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MoviePass Shut Off Briefly After Company Ran Out Of Cash
If you were trying to use your MoviePass subscription to check out Mission: Impossible - Fallout last night and found the app not working, you weren't alone. On Thursday MoviePass experienced a service interruption that made it impossible for subscribers to access the service. This morning MoviePass parent company Helios and Matheson Analytics revealed that it had to borrow $5 million to make some necessary payments. Essentially, MoviePass went down because it ran out of money.
Specifically, the required payments MoviePass needed to make were to merchant and fulfillment processors, or the companies that process MoviePass transactions. Without payment, those transactions stop and nobody can use the MoviePass debit card that purchases the tickets. This makes that payment pretty important since the entire business model shuts down without it.
While it seems that the MoviePass app is now up and running for some, there are still some reports of the app not working this morning, so you may still run into issues if you're planning on hitting the theater today.
This is certainly not good news as it indicated that MoviePass is in a pretty bad financial position at the moment. If it cant make these fairly standard payments through the normal course of business then MoviePass clearly isn't making enough money. While over a million people are currently MoviePass subscribers, the fact is that unless a majority of them don't use the service, MoviePass losses money on those customers that do. This was expected, as Helios and Matheson Analytics is a data company and it was expected that the real value in MoviePass was in its customer data, but it seems that even that hasn't been as lucrative as it was supposed to be.
This is just the latest piece of bad business news for MoviePass and its parent company. Business Insider points out that the company recently initiated a reverse stock split as a way of bringing its share price up from the $.09 that it was up to $14 per share. However, from there shares have continued to drop and they started the morning at $6 a share. It's unlikely this news is going to do anything to instill investor confidence.
It's anybody's guess what happens from here. While the $5 million loan will hopefully keep the company going for a while, if nothing changes MoviePass will simply spend that money while continuing to see not enough come in. Perhaps this was just a stop-gap measure while MoviePass waited to see enough revenue come from new policies like the new surge pricing to make up the difference. If not, expect to see MoviePass make some major changes in the short term as they continue to look for ways to make the low price subscription model work.
Here is the official synopsis for Alita Battle Angel, which arrived with the trailer:. Visionary filmmakers James Cameron (AVATAR) and Robert Rodriguez (SIN CITY) create a groundbreaking new heroine in ALITA: BATTLE ANGEL, an action-packed story of hope, love and empowerment.
Alita: Battle Angel - OMB
I had the wonderful opportunity to sit down with Amy Adams earlier this month during the Los Angeles press day for Vice, and my first question for her was about her relationship with Adam McKay, and how it's changed since they first worked together. For her personally it was certainly a different experience making the Dick Cheney biopic, as
Cara Garuda Indonesia Raup Laba Bersih Rp1 Triliun di 2019
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JAKARTA - PT Garuda Indonesia (Persero) Tbk (GIAA) menyiapkan stratergi agar mendapat laba bersih sebesar Rp1 triliun pada 2019. Direktur Utama Garuda Indonesia Ari Askhara mengatakan perseroan berharap dapat mencapai profit perseroan (di luar pajak) sebesar Rp1 triliun.
Vice - CINEMABLEND
There's no word yet about filming details or a release date for the live-action Barbie film, but check out what movies are coming out this year with our 2019 release guide. Recommended For You There's A Whole Plan For Releasing The Aquaman Trailer, According To Black Manta Actor
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A new Avengers 4 theory digs real deep into Nick Fury's role in the MCU. Subscribe To New Avengers 4 Fan Theory Takes That Nick Fury Idea A Whole Lot Further Updates close
New Avengers 4 Fan Theory Takes That Nick Fury Idea A Whole
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When CinemaBlend visited the film's set in May, star Taraji P. Henson noted that, if, for instance, you figured their thoughts would all be strictly sexual, you might want to think again. So, it would seem that one thing What Men Want is going to do for audiences is put a spotlight on how men and women can actually be quite similar, at least
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15 Comments Off on New Shazam! Video References Superman And Justice League Video References Superman And Justice League Everyone wants to be as cool as Superman in a video from DC's latest film.
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Avengers: Endgame had its world premiere last night, and that means there are a select group of people walking this earth who know how it all ends. Those people know, but they're not talking, because they're decent human beings. They are, however, talking in much more broad strokes about what they thought of Endgame as a whole. In a word
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Marvel Studios should bring back their popular MCU one-shots - as exclusive content on the Disney streaming service (which is unofficially being referred to as "Disney Play" until Disney comes up with an official name). The Marvel one-shots were short, self-contained adventures that added further depth to the MCU, and sometimes even served as
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Ah well, perhaps it will appear in the eventual Bowie biopic that I'm sure Hollywood will plan (following this movie, and the Elton John film Rocketmanthat's reaching theaters in 2019). Here's Bohemian Rhapsody producer Graham King discussing the choice to leave David Bowie out of the Queen film:
TV and Movie News Rocketman Producer Wants To Take On David
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