"Get customers now, worry about making money later" is a prevailing mindset for tech startups. Sometimes that works, and sometimes you get a MoviePass. After MoviePass cut its all-you-can-watch movie theater subscription service to a tantalizing $9.95/month, it never quite managed to carve out enough of a profit to actually continue operating, and now the service is shutting down completely.
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Movie ticket subscription service and MoviePass competitor Sinemia has ended operations in the United States, the company has announced. Sinemia cites difficulty in covering "increased operations and legal costs."
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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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The $10 unlimited movie subscription from app-based MoviePass seemed too good to be true when it launched a few years back, and indeed it was. MoviePass is in the process of imploding, but one of its European rivals has taken this opportunity to expand into the US, Canada, Australia, and the UK. Sinemia says its approach is sustainable, but it's also more expensive. You'll pay $30 per month for unlimited movies.
Read MoreIn one of the larger business gaffes of the year so far, movie ticket subscription service MoviePass recently tried to increase prices while simultaneously cutting member benefits. The ill-conceived move ultimately didn't come to fruition, but the company did limit the benefits its customers get for their $9.99 monthly subscription. Seeing an opportunity too good to pass up, competitor Sinemia has now introduced its own $9.99 Classic plan with slightly more flexibility for members.
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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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It might be an understatement to say that MoviePass isn't doing too well these days. Many of the service's subscribers (including myself) have stuck aboard the sinking ship anyway to save a bit of cash. But now that the company is imposing new restrictions on use—as well as a 50% price increase to $15 a month—it might be time to head to those lifeboats. Since you can't cancel the service easily via the company's site and there are restrictions on app access/authorization, here's a complete and detailed walkthrough on how to cancel your MoviePass subscription.
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The situation at MoviePass is bad. Very bad. With the value of the company having plummeted tremendously after a disastrous reverse stock split last week, MoviePass's owners are doing anything they can to stem the bleeding at the popular all-you-can-eat theater subscription service, and it looks like "anything" means making the service much, much worse.
I won't leave you waiting on the big changes: monthly pricing is going up 50% (to $14.95) and you won't be able to see most movies (anything opening on over 1000 screens) until they've been out for two weeks.
Read MoreMost 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.
Read MoreMoviePass is losing money. This isn't news — the venture hasn't been profitable since it started out. The hope is to eventually make money. That hasn't helped Helios and Matheson Analytics, though, which owns 92 percent of MoviePass. The company's stock price has been tanking, which prompted its board of directors to approve a reverse stock split that took effect at the end of trading yesterday. This hasn't improved matters yet; since opening this morning, shares have fallen nearly 40 percent.
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