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May 9, 2018

Today’s SEC filing suggests MoviePass’ time is running out

Subscription service MoviePass hasn’t been having a great 2018. Constant changes to its terms of service have created a growing sense of uncertainty about what customers actually get with their MoviePass subscriptions. The company’s flagship tier was scuttled, then brought back without any real explanation. And in April, an independent auditor for MoviePass parent company Helios & Matheson Analytics raised alarm bells by expressing “substantial doubt” that the company could stay in business. Bloomberg reports that an SEC filing today largely confirms that assessment, with Helios & Matheson acknowledging it has just $15.5 million in the bank, even though it’s been blowing through more than $21 million per month on average over the past...

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