MoviePass CEO Says Major Movies Will Be Blocked In All-Hands Meeting
MoviePass can’t possibly survive much longer, perhaps mere days or even hours, after its unsustainable business plan of providing unlimited movies for $10 per month has caused the service’s coffers to run dry, repeatedly. The company suffered another outage on Monday with nearly all theaters rendered unavailable for viewings after blocking Mission: Impossible — Fallout during its opening weekend. And in an all-hands company meeting, CEO Mitch Lowe has revealed that this newfound practice won’t end anytime soon.
Business Insider reveals that Lowe informed his employees that the service will block two upcoming major movies, including an action-packed shark blockbuster starring Jason Statham and a live-action installment from the Winnie The Pooh universe. Lowe also implied that the blocks shall continue:
Mitch Lowe said the app would not make Christopher Robin and The Meg — the two major releases hitting theaters in the next two weeks — available to its subscribers, and he implied that the practice of not offering tickets to major movies would continue for the foreseeable future.
Especially given that theaters including AMC have fired up some subscription services of their own, there’s virtually no way that MoviePass can survive after blocking highly anticipated new releases. A month ago, MoviePass applied a tourniquet through surge pricing tacked on up to $5 for such popular movies, but that wasn’t enough to prevent service outages and the emergency $5 million loan that kept the service reliably afloat for less than a week. And after all that money wasted on Gotti distribution, MoviePass’ trip to the cinematic graveyard must nearly be over.
(Via Business Insider)