March 6, 2019
MoviePass and MoviePass Films have announced plans to reposition their subscription-based movie ticket platform to shift their business model away from film studios and toward more self-generated revenue, according to a company release.
Company officials said they will place more emphasis on three key channels of the business: MoviePass (theatrical subscription service); MoviePass Films (original content production company) and Moviefone (multimedia media information and advertising service). The company will no longer rely on revenues from movie studios and exhibitors.
The company, which allows movie fans to watch three movies a month for $9.99 through an app-based subscription service, went through a period of severe financial losses under its original incarnation that allowed customers to watch unlimited first-run movies.
"By spending the last several months analyzing the many different aspects of our prior business model, in terms of what worked and what didn’t, we believe we’ve been able to illuminate the path forward," Ted Farnsworth, CEO of MoviePass parent company Helios and Matheson Analytics, said in a statement.
Besides its MoviePass business, the company has developed a small number of original films, including "Gotti," a biopic starring John Travolta as mob boss John Gotti.
Topics: In-App Payments, Mobile Apps, Mobile Marketing, Mobile Payments
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