Author: Lowell Heddings / Source: howtogeek.com
For months now, the tech nerd community won’t stop talking about MoviePass, and I’m sick and tired of hearing about it. Can MoviePass just die already?
MoviePass Gets Way More Coverage Than It Deserves
Everybody is talking about a service that had almost no users until about a year ago, when they dropped their prices to stupidly low levels, and suddenly went from 20,000 to 3 million users.
Movies cost about $10 each. MoviePass was offering unlimited movies for $10 per month. When you’re losing money on every customer, the more customers you have, the more money you lose. The math isn’t hard: MoviePass + Unsustainable Pricing = Bankruptcy.
It didn’t take long for everybody to get really mad, and scream about how MoviePass wasn’t able to keep their unsustainable business model running. So then they started messing around with their pricing, and started adding limitations, and basically took the service from an unsustainable joke to an unsustainable joke that everybody was mad at.
The only thing they’ve done that’s unique is run their business directly into the ground.
MoviePass is Going to Die
HMNY, the parent company of MoviePass, has had their stock in a free-fall, losing 99% of its value, and then doing a 250-for-1 reverse stock split to keep the stock out of the pennies and stay listed on the Nasdaq—and then it immediately plunged another 50%, and will…
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