MoviePass' ongoing implosion has always been very public, so somehow it makes sense that its parent company issued a press release to announce its plans to formally distance itself from the failing movie subscription service. Helios and Matheson Analytics (HMNY), which focuses primarily on data analysis, stated that it plans to spin out MoviePass and some associated holdings into an independent company in order separate the movie services' brand from its own.
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MoviePass has had a tough time recently, between literally running out of money, suffering an effective 99.999% loss in adjusted stock value from last year's peak, and trying to cut member benefits even as it increases prices. But the company is still taking its future quite seriously. In an unexpected move, it has decided not to increase subscription prices. Instead, it'll be switching to a three movie per month maximum, with a $5 discount for any tickets beyond that. Peak Pricing and Ticket Verification—two common customer complaints—will also be axed.
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Most of our readers should probably be familiar with MoviePass—if not for the company's movie ticket-accessing subscription service, at least for its presence in the news for the last few days. If you'll recall, MoviePass owners Helios and Matheson Analytics Inc. recently performed a reverse-split for the company's shares to drive up stock prices, but not with much success. More recently, everyone's favorite $6.95 a month service ran into a bit of a snag last night, resulting in a date night-stopping outage. Turns out, that's because the company literally just ran out of money. After borrowing $5 million to turn the lights back on, stock for the parent company took a nosedive to $1.98 (at the time of writing), down 70% over the last 24 hours.
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