August 16, 2018
Fiscally-challenged ticket subscription service MoviePass is changing its rules again in an attempt to remain solvent.
The service Aug. 16 informed subscribers in an email it is now limiting them to select titles and showtimes per day.
The new restrictions are part of an updated plan enabling subscribers access to three movies per month. Subs previously had access to one theatrical screening daily for a $9.95 monthly fee – a business plan that was burning through more cash than was being generated.
The MoviePass website listed seven movies subscribers could watch Aug. 16, which included Blackkklansman, The Meg, The Miseducation of Cameron Post, We the Animals, Skate Kitchen, Juliet, Naked and Summer of 84.
On Friday, Aug. 17, subs have access to Mile 22 and Christopher Robin, but not The Meg and Blackkklansman. The former titles are replaced by Alpha and Slenderman on Aug. 18.
Subscribers do not have access to Crazy Rich Asians until Sunday, Aug. 19 – and then only in select markets. The same applies to the aforementioned titles.
Investors continued to hammer corporate parent Helios and Matheson Analytics’ stock, which closed down 37.5% at 3 cents per share. Despite HMNY issuing millions of shares daily in an attempt to buttress the stock, the company ended Aug. 16 with a market cap of just $200,000.
Separately, two class action lawsuits have been filed against HMNY alleging its executives mislead investors on the fiscal health of MoviePass, among other charges.