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Topic: Meet the Lone Loser in MoviePass Hitting 1 Million Members

Marcel Birgelen
Film God

Posts: 3357
From: Maastricht, Limburg, Netherlands
Registered: Feb 2012

posted 07-27-2018 04:33 PM

I've read the news on some other sites also. Some major "outages" happened in the past week, which now seem to relate to cash flow issues. Bummer if you just subscribed and prepaid for a year...

So, they got some emergency loan of $5M and probably had to leave a significant amount of their stock at the door...

But how long will $5M last them? It looks like they're not even going to last through August if no-one is going to bail them out.

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Carsten Kurz
Film God

Posts: 4340
From: Cologne, NRW, Germany
Registered: Aug 2009

posted 07-27-2018 05:15 PM

Well, we already know who they will blame when that happens - the criminal cinema operators and chains who killed their beneficial business model right when it was about to lift off.

- Carsten

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Frank Cox
Film God

Posts: 2234
From: Melville Saskatchewan Canada
Registered: Apr 2011

posted 07-27-2018 05:18 PM

"last through August"?

They'll barely last TO August.

I've seen articles stating that they're going through about $20 million per month. So $5 million gets them about one more week.

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Monte L Fullmer
Film God

Posts: 8367
From: Nampa, Idaho, USA
Registered: Nov 2004

posted 07-27-2018 05:26 PM

I was looking at the feature release schedules for the rest of the year.

After Mi6, the first of August looks promising with Christopher Robin, but the following weeks, business begins to wind down until school starts up again

Then, from Sept to November, there are just some spotty releases that looks promising to be descent tentpole releases, yet there were others that looks like filler releases.

This slow period could help MP catch its breath, yet it could backfire with increased attendance from MP users wanting to use the service to see these filler releases than the regular paying customer who may want to save their monies for better releases that comes in November to the end of the year.

Kind of fun watching this MP circus.

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Marcel Birgelen
Film God

Posts: 3357
From: Maastricht, Limburg, Netherlands
Registered: Feb 2012

posted 07-27-2018 05:53 PM

quote: Frank Cox
I've seen articles stating that they're going through about $20 million per month. So $5 million gets them about one more week.

Yes, but I guess their parent company will also inject some additional cash after their last stock split and they'll probably also see some cash coming in from new subscriptions.

It would be interesting to see how much of a throttle the recent news is on them signing up new members.

quote: Carsten Kurz
Well, we already know who they will blame when that happens - the criminal cinema operators and chains who killed their beneficial business model right when it was about to lift off.

It's always the other guy's fault, isn't it? [Smile]

I don't believe anybody reasonable will really believe them though. Most articles I've read, were pretty critical about their business model and many of them were loudly speculating about how long they'll last.

PS: Just wondering what your solution/procedure is when somebody shows up with an MP that won't authorize? I guess you'll just let him/her pay for a regular ticket with an alternative payment method or are you willing to provide any kind of discount?

PPS: Right now, the MP site is showing an error: Error getting available plans... A real glitch or a sign of things to come? The registration site is still available via the "backdoor".

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Monte L Fullmer
Film God

Posts: 8367
From: Nampa, Idaho, USA
Registered: Nov 2004

posted 07-27-2018 07:30 PM

quote: Marcel Birgelen
Just wondering what your solution/procedure is when somebody shows up with an MP that won't authorize?

Basically, it depends on the app where it does show the list of features that one venue is showing. It a feature isn't open for MP usage, it's blacked out to prevent a purchase.

Otherwise, it's just a matter if the card is accepted, or declined, and declined cards usually comes from the user not doing the procedure correctly - like be at a certain distance from the venue so the GPS in the phone can tell MP that the cardholder is close to the venue to allow the credit to be placed on the card.

Quite fun to see people getting up to the tix counter and find out that their card didn't get activated.

There are cases where the customer "blames" the venue for their demise (we just read this before) and the comment returned is that the venue is no way or form in partnership with MP.

The customer must settle with MP, or could easily lose their account. It's right there in the policy for MP.

The only sincere disadvantage is when the credit card systems go down where cards can't be used for the time being.

Thus, the customer is told to contact MP and have the credit returned to MP for another day and time.

They can pay with cash easily enough.

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Jack Ondracek
Film God

Posts: 2348
From: Port Orchard, WA, USA
Registered: Oct 2002

posted 07-27-2018 10:20 PM

Why would you consider giving a MP subscriber a discount, just because they couldn't get their app to work?

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Marcel Birgelen
Film God

Posts: 3357
From: Maastricht, Limburg, Netherlands
Registered: Feb 2012

posted 07-28-2018 02:00 AM

Sorry, I realize that I wasn't particularly clear in my question. Since they're so cash-strapped, I guess we'll see more of those "outages" in the coming weeks. So, it's not just the customer not getting their own stuff to work, it's MoviePass leaving their subscribers in the rain.

Now, you certainly don't owe any of those subscribers anything, but I guess that those people that show up at your doorstep or even at your box office and end up being "screwed" by MoviePass end up being pretty frustrated. Now, we all know how people tend to react and they often project their frustrations at the easiest target, being you. And although that's obviously not fair, it will just happen.

So, maybe it could be a nice marketing trick to ease their frustrations by offering them a little discount. You explain to them... look, we can't technically do anything for you, it's not our stuff that's not working, but I know you're frustrated, but as a MoviePass "victim" I can offer you the ticket at a discount... Maybe you've just invested into a return customer.

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Martin McCaffery
Film God

Posts: 2481
From: Montgomery, AL
Registered: Jun 99

posted 07-28-2018 09:19 AM

A couple of times we've had the cards declined. They've just paid cash instead without any complaining. One told me she got a refund from MP later.

The other one, I teased her about it, telling her to get as much out of it as she could. She replied, "Oh, I've seen over $600 in movies."

Gotta love their business model.

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Buck Wilson
Jedi Master Film Handler

Posts: 894
From: St. Joseph MO, USA
Registered: Sep 2010

posted 07-28-2018 12:31 PM

I was working box office Thursday when the server went down, had to turn away a dozen or so people over the course of the evening. I just figured it was yet another outage, it wasn't the first time.

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Justin Hamaker
Film God

Posts: 2253
From: Lakeport, CA USA
Registered: Jan 2004

posted 07-28-2018 04:37 PM

Marcel, I know exactly what you are saying. I have had a number of MP customers get angry at me when their card didn't work because they didn't check in properly, or for any other reason. They don't really care that we are unaffiliated, we are the theatre that is not letting them buy their ticket.

The other day we had someone come unglued because a child ticket got run up on their MP card. They didn't care about the fact that they asked for a child ticket as they handed over their card. We should have anticipated they were going to pay for the adult ticket with the card, even though they handed to us as they asked for a child's ticket without anything else.

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Steve Kraus
Film God

Posts: 4094
From: Chicago, IL, USA
Registered: May 2000

posted 07-30-2018 12:39 AM

The most popular movie, Mission Impossible, apparently remains off limits to MP users except the E-ticketing theatres. That's not just any theatres offering electronic ticketing but refers to a select few that have made deals with MoviePass for (one presumes) discounts. I'm guessing the point is to steer business to them.

They are few and far between but presumably those that caved to MoviePass will get extra business and MP can tout that as a benefit for making the deal.

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Mike Blakesley
Film God

Posts: 12767
From: Forsyth, Montana
Registered: Jun 99

posted 07-30-2018 07:20 PM

So are they expecting all the non-AMC chains to now start flocking to them to make an e-ticketing deal? I don't see that happening...more likely, all the other chains are busy right now, creating their own subscription plans so they can rope in MoviePass ex-patriots in a few weeks.

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Jonathan M. Crist
Jedi Master Film Handler

Posts: 531
From: Hershey, PA, USA
Registered: Apr 2000

posted 07-30-2018 07:29 PM

It looks as if MoviePass wont last more than the next couple of weeks.

Last Tuesday, Moviepass's controlling company Helios and Matheson Analytics [HMNY] did a 250 to 1 Reverse Stock Split (meaning you got one share for every 250 shares you had before). The idea was to lift the stock price from .08 a share on last Tuesday's closing to opening of $21.00 on Wednesday. Since the Wednesday opening HMNY stock has again plummeted from $21.00 Wednesday morning to close at just .80 cents a share today on Monday.

Meanwhile last Thursday they ran out of cash and the MoviePass cards did not work and HMNY had to borrow emergency funds at terms that would make even a payday lender blush.

This afternoon MoviePass CEO Mitch Lowe announced that Moviepass would not be able to be used for major titles in the future. I would guess that the people who have recently signed up for a full year plan are especially upset.

MoviePass Not Available for Major Titles

It is also now coming out that HMNY was created out of an Indian based company accused of major fraud in its home base of India.
The purchase of MoviePass now makes sense. Soon after HMNY bought MoviePass the HMNY stock - which had been trading at about $2.50 for the year before it acquired MoviePass - briefly ballooned in October 2017 on the bally-ho acquisition news up to $38.00 per share. This brief bump in the HMNY stock on the MoviePass acquistion news allowed those HMNY stock owners in India to cash out in November 2017 when the HMNY stock was still riding high and the MoviePass cash drain had not started in earnest.

Indian Fraud Tale

This will make a great movie. I just wonder who will play Mitch Lowe and Ted Farnsworth.

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Mike Blakesley
Film God

Posts: 12767
From: Forsyth, Montana
Registered: Jun 99

posted 07-30-2018 11:12 PM

I got a kick out of this stuff from the MoviePass "Open Letter"

quote:
We ask for your understanding and vocal support during this time, as we continue to fundamentally change an industry that hasn’t evolved much in years. In fact, ticket prices have risen so much that it’s now simply too expensive for many of us to go to the movies.

MoviePass’ mission is to make moviegoing accessible to everyone and to enhance the power of discovery – but we need your support as we refine our model for the long-haul.

Can’t find the movie you want to see on the app? Go to Twitter and let the studio behind it know. Want more e-ticketing theater options in your area, so that the movies you want to see peak less? Let your theater know you want them to partner with MoviePass.

Okay, so... we haven't evolved much in years. He's right... I mean, besides digital cinema, luxury seating, dine-in, 3-D, PLF, surround sound, Atmos, DBox/Auro, reserved seats, and advanced ticket purchases through the web, we haven't evolved at all!

Tickets haven't gone up that much, adjusted for inflation. They've gone up some, yes. But the most popular experience has gotten more premium and expensive. Of course it's going to cost more. Their "model" plays right into the some of today's generation's sense of entitlement....everything should be bigger, better and faster...but cost less (or be free). Even here in Nowhere, Montana, costs are higher because we bring in more movies on the break because that's what people want.

Then he's inciting people to pester the studios via Twitter that their favorite theater isn't on MoviePass. Yeah, like the studios are going to convince anyone to jump on this sinking ship.

Anyway, I'm hoping nobody tells me that they want me to "partner with MoviePass." I'll have a hard time not laughing.

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