The Death Of MoviePass...

[PizzaOnTheRoof]

Well MoviePass (and it’s parent company) is officially dead.

Goes to show even a market disruptor can fail without a solid business model.

Here’s a timeline from Robinhood Snacks:

2011 - 2019: MoviePass shuts down after disrupting the movie industry​

It lived life 2 thumbs up... Unlimited movie tickets for $10/month. MoviePasswas truly Netflix, but in-theater. It sounded too good to be true... and it was. Its parent company, Helios and Matheson, officially shut down the all-you-can-eat movie buffet subscription on Saturday after an epic run. Helios shares hit $5,100 at peak MoviePass insanity. Today they're $0.0018. Let's look back on a short life well-watched... Act I - Irrelevance: Founded in 2011, MoviePass offered a $40/month subscription that let you into any theater to watch any movie. Worth it only for the very lonely and movie-crazy. Act II - The new guy in town: Mitch Lowe was hired as CEO. There were only 20K customers, so he cut the price by 75%. Act III - Peak insanity: At $10/month, the breakeven price for MoviePass was 1 movie per month, so people signed up. 3M people binged 5% of all movies watched in late 2018. Act IV - The reckoning: Theaters still charged full price for each ticket, forcing MoviePass to pay the difference — and lose $21M/month ("Amazon lost money for 20 years" — the CEO). So it had to raise prices/add a bunch of restrictions. Act V - This Saturday: It's over. The parent company doesn't know when or if it will come back. Post-credit scene: Globo-theater-chain AMC now offers something like MoviePass. MoviePass "pulled a Napster": it changed the industry even though it didn't survive.

THE TAKEAWAY​

Disruptors can fail, too... Drive any commercial strip and you can rubberneck bankrupt chains (Sears, Sports Authority, Radio Shack). But MoviePass shows that a new, completely digital tech company can fail too. Investors ask "what's the path to profits" for awesome-but-loss-making companies like Uber, Snap, and SmileDirectClub because they don't want to watch their shares go to almost $0 like MoviePass.​

 

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