Note to self - never invest a penny in Hudson Bay Master Fund Ltd, who apparently thought lending Moviepass $5 million was a sound investment.
Taking bets! One week? One month? Three months?
Make your call!
Looks like you dodged a bullet.
This is after they did a 1-for-250 reverse stock split (a couple of days ago) to get the stock from eight cents to twenty bucks. Now it’s at $2.61.
Yeah, at noon the original price would have been 1.5 cents per share.
Five million is enough for about a week of business, though I expect passholders to up their viewing to squeeze value before that runs out.
I think the 5M was just to pay off debts to WorldPay, not to fund new purchases. They still have no $$ to load on cards.
Yep, this is the final death throes, they’ll probably be going for another week. They’ve already de-listed Mission Impossible simply to save money, which is a desperation measure, and they’ve got surge pricing on a ridiculous number of films in a pattern that makes no sense, which again is just desperation to lose a little less so they can keep going for another week or two. What that buys them, I don’t know.
They did some stock market stuff (reverse split?) just to keep the share price high enough to remain on the Nasdaq but lost like 80% of that since then.
Ah well, it was good while it lasted. Made me realize how few good movies are coming out that I hardly go to the movies even when it’s free/already paid for. I think I averaged like 2.2 movies a month or something. We don’t have an arthouse theater here and so I only really get a chance to see the medium to big movies, and there just haven’t been many in the last year. Wall to wall comic book movies.
It’s made me realize just how many good movies are released each month! I hope eticketing manages to hold on til Monday so I can see RBG.
Service is kind of useless now. Surge pricing is a joke. At my favorite theatre today every showtime of every movie has a surcharge of 6 or 8 dollars. Almost all 8. So now I’m paying 10 a month for a small discount on tickets but with extra hassle.
I got the $8 per month plan but had to pay for a year up front, but now I’m glad for that because I don’t get the surge pricing add-on. I was going to go see Mission Impossible Friday to use MoviePass while they still had money, but since that wasn’t an option saw Three Identical Strangers instead, and it was really good. Then I went to see Blindspotting today also using MoviePass. I’ve already got my money’s worth so I’m just going to keep enjoying it while it lasts.
I’ve heard that AMC has a good MoviePass-like program, but there aren’t really any AMCs convenient to me. If Regal starts a program I’ll probably sign up for it. I’m guessing MoviePass won’t last for much longer, but the idea behind it will live on in other programs that have their math figured out better.
Working as intended, I bet.
Keeping surge pricing to two or three bucks means they’re losing slightly less money on every ticket. Choking out certain markets altogether means a lot less bleed, and even losing a bunch of customers gives them more time to do whatever voodoo they’re trying to do to stabilize their stock and secure more money.
Cancelling a plan locks customers out of resubscribing for a year, but I bet we’ll see a new (and much more limited) plan that anybody can sign up for even if they’re in that lockout period.
Yep, and I’ve got the better part of a year left on mine. If we take as a given that MoviePass is ultimately doomed, I’m good with tactics that let them limp along for as long as possible.
My daughter says that it’s still working for her (Orange County, CA). I don’t want them to cancel the service the day after her next membership fee is deducted from her checking account, so I’ve told her to keep an eye on their status and be ready to cancel at a moment’s notice.
E-ticketing is currently still up and running (I just bought a ticket for tomorrow night) but reddit is reporting that regular check-ins have been disabled for almost the entire weekend. I don’t know if they will be back up tomorrow or not. I’m going to just use e-ticketing for the week until the company totally runs into the ground. I will be surprised if it lasts much into August.
It’ll be hilarious if this creates a run on movie tickets, as every member tries to milk their account for as much as possible before they shut down.
Oh well. Thanks for all the tickets, MoviePass. It’s been real.
It’s beyond me what brain trust thought that this was a good idea.
So right now the app isn’t showing any new movies as playing in my area. Not greyed out as “premium showings” but simply not appearing for me. They’ve also removed the “unlisted showing” option so I can’t buy a ticket that way. The MP subreddit seems to be reporting a lot of this.
As with the screwed up surge pricing, I’m guessing this is a money-saving feature disguised as technical difficulties.
Those who got their money out early, same as any other Ponzi scheme.
It’s dead now. I can’t really complain about what I’ve got out of moviepass but their death throes are really ugly. They’re Baghdad Bobbing it and are pretending it’s technical problems instead of just admitting the death.