This morning I was in downtown to purchase $50 Saks “item” for various American Express Platinum cards I hold. While I was at it, I thought, for the first time since holding Movie Pass, I would go and purchase tickets for a movie I would not see nor had any intention of seeing. So, I’m at a kios trying to purchase a ticket for some screening that I can’t even remember…but Movie Pass won’t let me check in on my mobile. I tried Movie Pass #2 on my SO’s mobile and it was the same story. Eventually I ended up purchasing two ticket for Mission Impossible with my Sinemia card but things came up and I ended up leaving the theater before the screening even began.
At the time I thought “oh well, I’ll watch Mission Impossible later using Movie Pass” but as it turns out I can’t. For now Mission Impossible screening has been blocked across all of Movie Pass.
not a premium screening tho
Why? Because Movie Pass ran out of money. Again. They’ve been bleeding money forever and have attempted various fixes such as enforcing photo verification of ticket/stub, not allowing an account to watch same movie again, and the recent price surge. But obviously those changes were not enough.
In an official apology letter released by MoviePass yesterday, Mitch Lowe, CEO of MoviePass mentions “As we continue to evolve the service, certain movies may not always be available in every theater on our platform“.
MoviePass claims that outrage occurred due to technical reasons but the reality was that their payment processor simply blocked them due to not being paid.
The SEC filing shows that MoviePass took 5 million loan to pay their payment processor
The $5.0 million cash proceeds received from the Demand Note will be used by the Company to pay the Company’s merchant and fulfillment processors. If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass, Inc. (“MoviePass”), which would cause a MoviePass service interruption. Such a service interruption occurred on July 26, 2018. Such service interruptions could have a material adverse effect on MoviePass’ ability to retain its subscribers. This would have an adverse effect on the Company’s financial position and results of operations.
Now MoviePass has to pay $3,100,000 by August 1st and net $6,200,00 by August 5th.
I hope they can turn it around but…
P.S. e-ticketing does not block movies…for now anyway.
1 comment
GCs fair game then?