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[2017] Movie Pass

MULTIZ321

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MoviePass Has Less Than 3 Months Left Before It Runs Out of Cash - and Its Latest Changes Won't Save It
By Troy Wolverton/ Business Insider/ businessinsider.com

  • "MoviePass' parent company, Helios and Matheson Analytics, has less than three months of cash left at the rate it was burning through its funds in the second quarter.
  • Even reducing its burn rate by the amount executives have predicted wouldn't do much to stem the flow.
  • When it's run low on funds in the past, Helios and Matheson has repeatedly issued and sold new shares to raise cash.
  • But that tactic may be coming to an end; it already increased its share count by more than 9,000% in the past two weeks, and its stock price is inching closer and closer to $0.
Enjoy your MoviePass subscription while you've got it. You may not be able to use it three months from now.

Helios and Matheson Analytics, the parent company of MoviePass, has less than three months' worth of cash left, the company revealed Tuesday in its quarterly report.

And that may be overstating things. It could run out of cash much sooner than that if it has overstated the degree to which new restrictions on the service — including a new three-movies-a-month limitation — will reduce the rate at which it burns through cash.

The company cautioned investors in the report that its cash was running low, and it reissued a "going concern" warning. The company did not immediately respond to a request for further comment.

"Without additional funding, the company will not have sufficient funds to meet its obligations within one year" from Tuesday, the company said in its quarterly report. "These factors raise substantial doubt about the company's ability to continue as a going concern."

As of Friday, Helios and Matheson had just $26 million in cash on hand. It had another $25.4 million on deposit at its merchant bank, which processes payments on its behalf.

By contrast, the company burned through more than $219 million in the first six months of the year — $150.8 million of that in the second quarter. The company burned cash in the second quarter at a rate of about $50.3 million a month — an amount nearly equal to all of the company's cash and accounts receivable on Friday....."

5b623489779c381f008b485f-960-640.jpg

Things are starting to look dire at MoviePass.
Hollis Johnson/Business Insider



Richard
 

Sandy VDH

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Movie pass today just made changes that make it impossible to use. I am not renewing but I am paid up to January.

I was fine with all changes, I wasn't happy that they took away my ability to see a move again, and I didn't even care about the 3 a week, but today they pick the schedule for what movies are available. In a 24 screen theater I had 1 stinking choice. I want to see a movie on my schedule NOT your schedule.

That is going to be the death of moviepass right there.

AMC A list at least lets me chose my movies, not picks them for me.

It was good why it lasted.
 

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Movie pass today just made changes that make it impossible to use. I am not renewing but I am paid up to January.

I was fine with all changes, I wasn't happy that they took away my ability to see a move again, and I didn't even care about the 3 a week, but today they pick the schedule for what movies are available. In a 24 screen theater I had 1 stinking choice. I want to see a movie on my schedule NOT your schedule.

That is going to be the death of moviepass right there.

AMC A list at least lets me chose my movies, not picks them for me.

It was good why it lasted.
I am with you on this. I pretty much tolerated all the arbitrary changes until this one. I am not going to plan my life around MP so I can see a movie of my choice. My friends and I planned to see Crazy Rich Asians tomorrow a week ago because that’s the only day we could all get together. Now I have to pay out of pocket because it’s not on MP’s calendar. :( I hope this is only temporary as they say. Otherwise, I’ll cancel next month (this month has already been paid).
 

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It's definitely a hassle, they say it's temporary, we'll see. I have no problem if it is temporary. Don't like AMC's deal as it's too expensive, and, none near me. I will never pay that much, I just won't see movies, will rent them. But Sinemia has a good sale going on now also.
 

dioxide45

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It's definitely a hassle, they say it's temporary, we'll see. I have no problem if it is temporary. Don't like AMC's deal as it's too expensive, and, none near me. I will never pay that much, I just won't see movies, will rent them. But Sinemia has a good sale going on now also.
The problem is will they survive the temporary problem? I suspect they are hemorrhaging subscribers. They need to fix the problems and fast if they wish to survive. We don't have Movie Pass, but if we lived close enough to an AMC we would consider subscribing to AMC A List.
 

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The problem is will they survive the temporary problem? I suspect they are hemorrhaging subscribers. They need to fix the problems and fast if they wish to survive. We don't have Movie Pass, but if we lived close enough to an AMC we would consider subscribing to AMC A List.

I agree with if they survive, but they have more interested investors too so not sure it's as dire as some claim. AMC is simply not worth the money, to us at least. We really don't like AMC theaters either. $19.95 is a non starter.

If you want to read about the potential investors:

https://qz.com/1351846/a-group-of-student-investors-thinks-it-can-save-moviepass/
 

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Movie Pass lost it’s credabilty. Their website was down a month ago when I went to see a movie and I paid out of pocket. A week after that, Movies were available in the morning, but by afternoon I couldn’t get them with my Movie Pass. My monthly payment was on the 7th each month, so I canceled before August 7 and they notified me that I would not be allow to rejoin for nine months. I canceled anyway and thought they would be shutting down in a few days. Looks like they are still in business and I hope they continue and get back to how things were when they started. Good luck to all that are still with them.
 

Ken555

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It's really kind of amusing to read complaints about a service that costs $10/mth with the same amount of anger other threads show directed to timeshare companies for purchases which cost tens of thousands. I suppose the cost doesn't matter, some people just get upset and need to complain.


Sent from my iPad using Tapatalk
 

Sandy VDH

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It's really kind of amusing to read complaints about a service that costs $10/mth with the same amount of anger other threads show directed to timeshare companies for purchases which cost tens of thousands. I suppose the cost doesn't matter, some people just get upset and need to complain.


Sent from my iPad using Tapatalk

I am complaining because they used a bait and switch once you signed up. I liked the pass and its flexibility. I didn't disagree with previous changes, However, I don't like being told what movies I can see on a particular day. Besides this is in the lounge and it has nothing to do with Timeshares. The post was already here on Movie pass we are just commenting on changes in things that effect us. I don't think it is the same amount of anger as other threads, but I am pretty happy with my TSs who we have to went about something.
 

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today they pick the schedule for what movies are available. In a 24 screen theater I had 1 stinking choice. I want to see a movie on my schedule NOT your schedule.
I'm not sure if it is because I don't transition to the new plan until later this month but I see lots more at my non-e-ticketed multiplex than just the ones on the list---local art houses too. Time will tell, I guess, and I'm still banking on the fact that my local e-ticketed theater will be spared most of this. If so, happy to continue rolling with them but if not I won't miss it all that much.
 

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The new plan of only 6 movies you can see at any one time is a deal-breaker for me, too. Although if I only saw 3 movies a month it would still be a savings over the $5 Tuesday deal at my closest theater. I might consider the AMC plan but the location is not very convenient to me. I'm not mad because I knew from the start it couldn't last. Just sad to see it go.
 

rhonda

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Just curious, for those who are/were using MP ... how far is your typical theatre? (Typical being the one you tend to frequent ... might not be closest or favorite ... but works well for you.)

My closest is an AMC 10-plex 30 miles out ... all 2-lane mountain road with lots of accidents, lane closures, etc. I never even considered MP as I wouldn't drive the distance to see a film.
 

Sandy VDH

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4 theaters within 20 min drive from my house. An AMC 24, two ShowBiz, a 14 and a 10 screen (this location also has a bowling alley), and 1 studio movie grill option. Most are between 8 and 10 miles from me.
 

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Closest to me is ~7 miles, and it's our favorite since it's brand new. It's not a chain, closest chain is 24 miles, Cinemark, which we do not like as it has reserved seating and is further anyway. Closest AMC is ~70 miles.
 

bnoble

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I live in a medium-sized town (about 120K) with two multiplexes: One newly-renovated Cinemark w/20 screens, and one regional chain (Goodrich) w/16. The latter has an e-ticketing agreement with MP. There are also two art house theaters in town. One has a beautiful, large theater with an organ (!) and two small screening rooms. The other has 3-4 modest-sized screens. All of these are within about 15 minutes or less.
 

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I am an annual pass holder and I never got the email asking if I wanted a refund. The story above indicated that happened.
 

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I too am an annual member. I did not get the e-mail either.

I'm an Annual member holder A buddy who got the pass at the same time I did and I both got the emails. I'm amused, he's a bit less happy. Movie Pass is flailing, this kind of change was just a matter of time.
 

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DW and I have Annual Pass - Think at this rate we should just cancel. I would be pissed off if they auto renewed my account then went out of business, which is were they are headed.
 

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Funny thing is if wife and I go watch a movie this week using our pass, movie pass will spend more than 1250 shares of their company on our 2 tickets. :D
 

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A new-to-me clause: if you cancel a month-to-month account, you have to wait 9 months to sign up again.

In less than 9 months they will be broke.

There market cap is hovering around $12 million.

They say they have 3 million subscribers and you can only watch 3 movies a month. It’s just a matter of weeks and they go broke. If average subscriber watched 2 movies a month and MPAA say average ticket cost US is $9.83. They would be hemorrhaging money at more than double revenue.

There entire market cap is worth every subscriber watching .42 movies in a month.

Annual subscribers if you cancel now you might get a little back before they go bust.
 
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Steve Fatula

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In less than 9 months they will be broke.

There market cap is hover $12 million.

They say they have 3 million subscribers and you can only watch 3 movies a month. It’s just a matter of weeks and they go broke. If average subscriber watched 2 movies a month and MPAA say average ticket cost US is $9.83. They would be hemorrhaging money at more than double revenue.

There entire market cap is worth every subscriber watching .42 movies in a month.

Annual subscribers if you cancel now you might get a little back before they go bust.

Maybe maybe not. They have other potential investors, please see a previous post of mine. I doubt they are paying the full price to all theaters, so, I don't think it's as simple as you propose. I would indeed be leery if I had an annual sub, no doubt, but I have a monthly sub. No reason to cancel, still seeing movies, still saving money.
 

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Maybe maybe not. They have other potential investors, please see a previous post of mine. I doubt they are paying the full price to all theaters, so, I don't think it's as simple as you propose. I would indeed be leery if I had an annual sub, no doubt, but I have a monthly sub. No reason to cancel, still seeing movies, still saving money.

I can accept that they may not pay full freight, but I can say AMC refused to give them a 20% rebate on tickets and started there own program. So my guess is some theaters are kicking back 20-30%. But others are full freight.

The issue is even with kick backs on full fares they are still burn money faster than they bring it in. When your shares are less than 2 cents. You can’t exactly issue more shares to raise revenue. Who would keep buying them. After the disaster of last reverse split all that will do is give them more room to go down.

There was a survey done the other day and the sampling surveyed had over mid 40% fed up with constant rule changes, Card not working at theaters, and constant erosion of benefits. While I do agree this was just a poll it doesn’t bode well when almost 50% of your brand base plans on throwing in the towel.

When your stock was at 52Week High of $9,715 split adjusted and is now at $.019. It’s not pretty

My annual pass expires week before Thanksgiving. I plan on cancelling or switching to a monthly account. Paying them for another year just doesn’t seem like a smart move in their situation.
 
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