The Rise and Fall of MoviePass Inc. |
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After subscribers signed up for the service on the company website, they received a debit card by mail within five to seven business days (Refer to Figure II for an image of MoviePass debit card issued to subscribers). The debit cards issued by MoviePass were processed through Discover cards...
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PayPal (7 USD)
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| By 2016, MoviePass was struggling under a huge financial burden as it had to make full payments to the theaters. To come out of the challenging scenario, it hired Lowe as the new CEO at the end of 2016. Lowe was the co-founder of Netflix and former President of Redbox. Soon after joining MoviePass, Lowe brought in some changes in its subscription pricing model and divided it into three tiers:.. |
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| In August 2017, HMNY, an analytics company, invested US$ 55 million to acquire a 62% stake in MoviePass. MoviePass under the HMNY umbrella looked forward to diversifying its revenue streams. The same year, it launched MoviePass Ventures as a subsidiary, with the goal of co-acquiring films with established distributors.... |
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| By 2018, HMNY had already burnt through its cash holdings by meeting MoviePass’s financial obligations. In an April 2018 filing with the Securities and Exchange Commission (SEC), HMNY disclosed that its average cash deficit amounted to US$ 21.7 million. ... |
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