The rise and fall of theater subscription service MoviePass is captured in new HBO documentary “MoviePass, MovieCrash.”
Dubbed “the Netflix of the movie theater” in the trailer, MoviePass was founded by Stacy Spikes and Hamet Watt in 2011 before former CEOs Mitch Lowe and Ted Farnsworth allegedly utilized fraudulent business tactics; the duo were charged by the Securities and Exchange Commission (SEC) in a 2022 lawsuit. The lawsuit additionally named ex-MoviePass Vice President Khalid Itum as a defendant, with Itum being accused of submitting false invoices for the company.
MoviePass filed for bankruptcy in 2020 after launching a $9.99 per month subscription in 2017 allowing people to see a movie a day. Upon moving to the $9.99 one movie per day model, subscriptions went from 20,000 to 100,000 users within two days, ultimately capping at more than 3 million subscribers in 2018. Yet the company still lost more than $150 million in 2017 alone. MoviePass filed for bankruptcy in 2019.
The company later...
Dubbed “the Netflix of the movie theater” in the trailer, MoviePass was founded by Stacy Spikes and Hamet Watt in 2011 before former CEOs Mitch Lowe and Ted Farnsworth allegedly utilized fraudulent business tactics; the duo were charged by the Securities and Exchange Commission (SEC) in a 2022 lawsuit. The lawsuit additionally named ex-MoviePass Vice President Khalid Itum as a defendant, with Itum being accused of submitting false invoices for the company.
MoviePass filed for bankruptcy in 2020 after launching a $9.99 per month subscription in 2017 allowing people to see a movie a day. Upon moving to the $9.99 one movie per day model, subscriptions went from 20,000 to 100,000 users within two days, ultimately capping at more than 3 million subscribers in 2018. Yet the company still lost more than $150 million in 2017 alone. MoviePass filed for bankruptcy in 2019.
The company later...
- 5/16/2024
- by Samantha Bergeson
- Indiewire
It is possible that one day an excellent narrative feature in the vein of The Big Short, BlackBerry, Dumb Money or Margin Call will be made about MoviePass, a company built––and destroyed––by several larger-than-life figures. For now, we have Muta’Ali’s documentary MoviePass, MovieCrash, which provides a broad overview of the deal everyone knew was too good to be true: a company that, for about a year, was so obsessed with subscriber growth that they offered customers the chance to see one movie per day for only $9.95 month.
Inspired by a series of Business Insider articles, MoviePass, MovieCrash features interviews with the company’s founders Stacy Spikes and Hamet Watt along with other company––insiders including Mitch Lowe, the man who would ultimately take Spikes’ position. In a bit of good luck, Muta’Ali gets the interview with Lowe just weeks before he’s indicted on securities fraud alongside Ted Farnsworth,...
Inspired by a series of Business Insider articles, MoviePass, MovieCrash features interviews with the company’s founders Stacy Spikes and Hamet Watt along with other company––insiders including Mitch Lowe, the man who would ultimately take Spikes’ position. In a bit of good luck, Muta’Ali gets the interview with Lowe just weeks before he’s indicted on securities fraud alongside Ted Farnsworth,...
- 3/11/2024
- by John Fink
- The Film Stage
Say this for Mitch Lowe, the former CEO of MoviePass: He may have helped destroy a briefly beloved brand and he may be awaiting trial on fraud charges stemming from that destruction, but he sat down for interviews for Muta’Ali’s upcoming HBO documentary MoviePass, MovieCrash and he gives what might be my favorite quote illustrating the true nature of capitalism.
Discussing the wave of out-of-control spending and public exuberance that preceded MoviePass’ fall — MoviePass-branded helicopters were landing at Coachella and Dennis Rodman was being trotted out in red hats while the offices were running out of supplies and seven customer service reps were handling countless complaints — Lowe says, without any evident self-awareness: “I sensed a resentment by the MoviePass employees. Each individual has their various roles and not all roles get to party.”
“Not all roles get to party.”
Man, that’s good.
As for MoviePass, MovieCrash?...
Discussing the wave of out-of-control spending and public exuberance that preceded MoviePass’ fall — MoviePass-branded helicopters were landing at Coachella and Dennis Rodman was being trotted out in red hats while the offices were running out of supplies and seven customer service reps were handling countless complaints — Lowe says, without any evident self-awareness: “I sensed a resentment by the MoviePass employees. Each individual has their various roles and not all roles get to party.”
“Not all roles get to party.”
Man, that’s good.
As for MoviePass, MovieCrash?...
- 3/10/2024
- by Daniel Fienberg
- The Hollywood Reporter - Movie News
A former MoviePass executive has been convicted of embezzling at least $260,000 from the subscription movie service to repay money he borrowed to fund a party at Coachella Valley Music and Arts Festival in 2018.
Khalid Itum was found guilty on Thursday on two counts of wire fraud, though he was acquitted of money laundering charges, announced the Department of Justice.
The guilty verdict, returned by a jury after a trial in federal court in California, was the latest reminder of fraud perpetuated by MoviePass executives. The DOJ in 2022 charged former chief executives Theodore Farnsworth and J. Mitchell Lowe with securities fraud for engaging in a scheme to artificially inflate the price of the company’s stock by misleading investors. The false statements involved claims that MoviePass’ business model in which subscribers could see unlimited movies in theaters with no blackout dates for a flat monthly fee of $9.95 was a tested, sustainable business model.
Khalid Itum was found guilty on Thursday on two counts of wire fraud, though he was acquitted of money laundering charges, announced the Department of Justice.
The guilty verdict, returned by a jury after a trial in federal court in California, was the latest reminder of fraud perpetuated by MoviePass executives. The DOJ in 2022 charged former chief executives Theodore Farnsworth and J. Mitchell Lowe with securities fraud for engaging in a scheme to artificially inflate the price of the company’s stock by misleading investors. The false statements involved claims that MoviePass’ business model in which subscribers could see unlimited movies in theaters with no blackout dates for a flat monthly fee of $9.95 was a tested, sustainable business model.
- 2/2/2024
- by Winston Cho
- The Hollywood Reporter - Movie News
A former executive for MoviePass Inc. was found guilty on Thursday of embezzling at least $260,000 from the subscription service and its parent company, Helios & Matheson Analytics, to repay debts incurred by producing a marketing event at the Coachella music festival in 2018.
Khalid Itum, now 43 years old, was found guilty by a jury of two counts of wire fraud. He was acquitted on two counts of money laundering. The Department of Justice announced the verdict Friday afternoon.
At the time, Itum was the VP of business development at the New York-based MoviePass. He later reached the role of executive VP, which he held until departing the company in March 2019 — around the time that the all-you-can-watch subscription-based movie theater ticketing service collapsed financially after losing hundreds of millions of dollars.
The case stated that Itum registered a separate company, the Los Angeles-based Kaleidoscope Productions LLC, in 2017. The executive allegedly borrowed money to...
Khalid Itum, now 43 years old, was found guilty by a jury of two counts of wire fraud. He was acquitted on two counts of money laundering. The Department of Justice announced the verdict Friday afternoon.
At the time, Itum was the VP of business development at the New York-based MoviePass. He later reached the role of executive VP, which he held until departing the company in March 2019 — around the time that the all-you-can-watch subscription-based movie theater ticketing service collapsed financially after losing hundreds of millions of dollars.
The case stated that Itum registered a separate company, the Los Angeles-based Kaleidoscope Productions LLC, in 2017. The executive allegedly borrowed money to...
- 2/2/2024
- by J. Kim Murphy
- Variety Film + TV
A former MoviePass executive was arrested Tuesday on charges that he embezzled $260,000 from the company to pay for a party at Coachella Music Festival.
Khalid Itum, 42, was indicted on two counts of wire fraud and two counts of money laundering. The charges allege that Itum submitted sham invoices to MoviePass to pay for the marketing event, which he had run through a separate company that he owned and controlled.
MoviePass collapsed in 2019, after losing hundreds of millions of dollars on its all-you-can-watch theatrical subscription business. Last November, the two top executives — Theodore Farnsworth and Mitch Lowe — were indicted on securities fraud charges for allegedly deceiving investors about the sustainability of the business.
Farnsworth, Lowe and Itum were also accused in a civil complaint from the Securities and Exchange Commission in September. The SEC complaint first leveled the allegation about Itum and the Coachella party.
In defending the SEC charges, Itum...
Khalid Itum, 42, was indicted on two counts of wire fraud and two counts of money laundering. The charges allege that Itum submitted sham invoices to MoviePass to pay for the marketing event, which he had run through a separate company that he owned and controlled.
MoviePass collapsed in 2019, after losing hundreds of millions of dollars on its all-you-can-watch theatrical subscription business. Last November, the two top executives — Theodore Farnsworth and Mitch Lowe — were indicted on securities fraud charges for allegedly deceiving investors about the sustainability of the business.
Farnsworth, Lowe and Itum were also accused in a civil complaint from the Securities and Exchange Commission in September. The SEC complaint first leveled the allegation about Itum and the Coachella party.
In defending the SEC charges, Itum...
- 2/22/2023
- by Gene Maddaus
- Variety Film + TV
MoviePass was founded on a lie, the Securities and Exchange Commission alleged in a complaint filed on Monday night.
The company introduced its 9.95-a-month, all-you-can-watch subscription plan in August 2017. According to the complaint, executives Theodore Farnsworth and Mitch Lowe knew that the offer was just a “marketing gimmick” and that the price was unsustainably low.
But in public, they claimed that they had done rigorous market testing and determined they could turn a profit. In fact, they had done no testing, the SEC said. Asked by Variety if the company would eventually have to raise its prices, Farnsworth said, “The answer is no.” Critics, he went on, “don’t understand our business model.”
Helios and Matheson Analytics, the parent company of MoviePass, would go bankrupt after burning through hundreds of millions of dollars. According to the SEC, Farnsworth and Lowe repeatedly lied to the public about the MoviePass business model and then,...
The company introduced its 9.95-a-month, all-you-can-watch subscription plan in August 2017. According to the complaint, executives Theodore Farnsworth and Mitch Lowe knew that the offer was just a “marketing gimmick” and that the price was unsustainably low.
But in public, they claimed that they had done rigorous market testing and determined they could turn a profit. In fact, they had done no testing, the SEC said. Asked by Variety if the company would eventually have to raise its prices, Farnsworth said, “The answer is no.” Critics, he went on, “don’t understand our business model.”
Helios and Matheson Analytics, the parent company of MoviePass, would go bankrupt after burning through hundreds of millions of dollars. According to the SEC, Farnsworth and Lowe repeatedly lied to the public about the MoviePass business model and then,...
- 9/27/2022
- by Gene Maddaus
- Variety Film + TV
The Securities and Exchange Commission filed suit against two former CEOs of MoviePass, charging them with misleading investors about the bankrupt company’s profit potential, data operations, relationships with studios and revenue sources.
The suit targets former MoviePass CEOs Mitch Lowe and Ted Farnsworth, former chairman and CEO of Helios and Matheson Analytics, which bought out MoviePass in 2017, for making multiple false statements in regulatory filings and media appearances that were collectively designed to convince investors that MoviePass could turn a profit after dropping its subscription rate, in part because it was using “big data”and artificial intelligence to monetize information from subscribers that it was not in fact collecting.
Also Read:
How This Year’s Oscar Contenders Will Determine the Health of the Post-Pandemic Box Office
The executives also “devised fraudulent tactics to prevent MoviePass’ heavy users from using the service and falsely and misleadingly informed the public that...
The suit targets former MoviePass CEOs Mitch Lowe and Ted Farnsworth, former chairman and CEO of Helios and Matheson Analytics, which bought out MoviePass in 2017, for making multiple false statements in regulatory filings and media appearances that were collectively designed to convince investors that MoviePass could turn a profit after dropping its subscription rate, in part because it was using “big data”and artificial intelligence to monetize information from subscribers that it was not in fact collecting.
Also Read:
How This Year’s Oscar Contenders Will Determine the Health of the Post-Pandemic Box Office
The executives also “devised fraudulent tactics to prevent MoviePass’ heavy users from using the service and falsely and misleadingly informed the public that...
- 9/27/2022
- by Eileen AJ Connelly
- The Wrap
Click here to read the full article.
As MoviePass works toward a relaunch under new leadership, the SEC is taking action against three former execs for alleged federal securities law violations in connection with the previous iteration of the service.
The SEC on Monday filed a complaint against Ted Farnsworth, Mitch Lowe and Khalid Itum in New York federal court. Farnsworth was CEO of Helios and Matheson Analytics, which acquired MoviePass in 2017, Lowe was MoviePass’ CEO, and Itum was a business development exec for the service.
“From August 2017 to at least March 2019, Farnsworth and Lowe, the CEOs of Hmny and MoviePass, respectively, intentionally and repeatedly disseminated to the public materially false or misleading statements concerning MoviePass and key aspects of MoviePass’s business model,” states the complaint, which is embedded below.
The SEC alleges the execs lied about how MoviePass could become profitable and then, when faced with dubious finances,...
As MoviePass works toward a relaunch under new leadership, the SEC is taking action against three former execs for alleged federal securities law violations in connection with the previous iteration of the service.
The SEC on Monday filed a complaint against Ted Farnsworth, Mitch Lowe and Khalid Itum in New York federal court. Farnsworth was CEO of Helios and Matheson Analytics, which acquired MoviePass in 2017, Lowe was MoviePass’ CEO, and Itum was a business development exec for the service.
“From August 2017 to at least March 2019, Farnsworth and Lowe, the CEOs of Hmny and MoviePass, respectively, intentionally and repeatedly disseminated to the public materially false or misleading statements concerning MoviePass and key aspects of MoviePass’s business model,” states the complaint, which is embedded below.
The SEC alleges the execs lied about how MoviePass could become profitable and then, when faced with dubious finances,...
- 9/27/2022
- by Ashley Cullins
- The Hollywood Reporter - Movie News
The former MoviePass leadership is not getting a pass on fraud charges.
The Securities and Exchange Commission (SEC) filed a lawsuit against former MoviePass CEO Mitch Lowe and Ted Farnsworth, the former CEO of MoviePass’ parent company, Helios and Matheson Analytics (Hmny), for allegedly misleading investors under the 9.99 per month moviegoing subscription.
As reported by Insider, the SEC filing claimed Lowe and Farnsworth “devised fraudulent tactics” to hide information and “falsely and misleadingly” led the public to believe their site was unsuccessful in subscribers to save money.
“Faced with debilitating negative cash flows — rather than tell the public the truth — Farnsworth and Lowe devised fraudulent tactics to prevent MoviePass’s heavy users from using the service, and falsely and misleadingly informed the public that usage had declined naturally or due to measures the company had employed to combat subscribers’ purported violations of MoviePass’s terms and conditions of service,” the complaint stated.
The Securities and Exchange Commission (SEC) filed a lawsuit against former MoviePass CEO Mitch Lowe and Ted Farnsworth, the former CEO of MoviePass’ parent company, Helios and Matheson Analytics (Hmny), for allegedly misleading investors under the 9.99 per month moviegoing subscription.
As reported by Insider, the SEC filing claimed Lowe and Farnsworth “devised fraudulent tactics” to hide information and “falsely and misleadingly” led the public to believe their site was unsuccessful in subscribers to save money.
“Faced with debilitating negative cash flows — rather than tell the public the truth — Farnsworth and Lowe devised fraudulent tactics to prevent MoviePass’s heavy users from using the service, and falsely and misleadingly informed the public that usage had declined naturally or due to measures the company had employed to combat subscribers’ purported violations of MoviePass’s terms and conditions of service,” the complaint stated.
- 9/27/2022
- by Samantha Bergeson
- Indiewire
Well, it finally happened: MoviePass’s parent company, Helios and Matheson Analytics, is over, having filed for Chapter 7 bankruptcy liquidation.
The decision, shared in a Tuesday filing with the Securities and Exchange Commission, means the company will be sold for parts. The company said in its filing that it may owe up to $1.2 million to roughly 12,000 customers, which is about $100 each.
“As a result of filing the Petition, a Chapter 7 trustee will be appointed by the Bankruptcy Court to administer the estate of the Company and to perform the duties set forth in Section 704 of the Code,” the SEC filing stated.
Also Read: MoviePass to Shutdown Indefinitely on Sept. 14
Shares of Helios and Matheson plummeted nearly 83% on Tuesday, trading at nearly zero, and overall, have declined 96% in the last year.
In addition to filing for bankruptcy, Helios and Matheson board members Prathap Singh, Gavriel Ralbag, Muralikrishna Gadiyaram and Joseph Fried all tendered their resignations.
The decision, shared in a Tuesday filing with the Securities and Exchange Commission, means the company will be sold for parts. The company said in its filing that it may owe up to $1.2 million to roughly 12,000 customers, which is about $100 each.
“As a result of filing the Petition, a Chapter 7 trustee will be appointed by the Bankruptcy Court to administer the estate of the Company and to perform the duties set forth in Section 704 of the Code,” the SEC filing stated.
Also Read: MoviePass to Shutdown Indefinitely on Sept. 14
Shares of Helios and Matheson plummeted nearly 83% on Tuesday, trading at nearly zero, and overall, have declined 96% in the last year.
In addition to filing for bankruptcy, Helios and Matheson board members Prathap Singh, Gavriel Ralbag, Muralikrishna Gadiyaram and Joseph Fried all tendered their resignations.
- 1/29/2020
- by Trey Williams and Sean Burch
- The Wrap
Stuart Benson, CFO and Secretary of MoviePass parent Helios and Matheson Analytics, has resigned to take another job.
The move was disclosed this morning in an SEC filing, which did not identify Benson’s new employment opportunity. “The company plans to initiate a search for, and hire, a new Chief Financial Officer as soon as practicable,” the filing said.
Whoever does come in as the top finance exec at the company will face a situation that cannot be described as stable. After a turbulent 2018, the company so far in 2019 has been delisted from the Nasdaq and has announced a restatement of its last quarterly results, saying it miscounted subscribers in a way that exaggerated revenue and minimized losses. The company’s previous model, which proved unsustainable, enabled subscribers to see up to one movie per day, for a flat $10 a month. MoviePass then burned through tens of millions in cash...
The move was disclosed this morning in an SEC filing, which did not identify Benson’s new employment opportunity. “The company plans to initiate a search for, and hire, a new Chief Financial Officer as soon as practicable,” the filing said.
Whoever does come in as the top finance exec at the company will face a situation that cannot be described as stable. After a turbulent 2018, the company so far in 2019 has been delisted from the Nasdaq and has announced a restatement of its last quarterly results, saying it miscounted subscribers in a way that exaggerated revenue and minimized losses. The company’s previous model, which proved unsustainable, enabled subscribers to see up to one movie per day, for a flat $10 a month. MoviePass then burned through tens of millions in cash...
- 3/15/2019
- by Dade Hayes
- Deadline Film + TV
Just months after being elevated to Executive Vice President and manager of day-to-day operations at MoviePass, Khalid Itum, has left the struggling subscription moviegoing company.
Until his promotion last fall, Itum previously served as Vice President of Business Development, working with CEO Mitch Lowe and Ted Farnsworth, CEO of parent company Helios and Matheson Analytics. As of Friday, Lowe will take over Itum’s responsibilities. The writing may have been on the wall last week when the company sent a press release about its new path as a company and Itum was never mentioned.
“As previously stated, MoviePass has moved in a new strategic direction and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films,” MoviePass said in a statement. “This strategic shift has been accompanied by changes within the company. Khalid Itum will be...
Until his promotion last fall, Itum previously served as Vice President of Business Development, working with CEO Mitch Lowe and Ted Farnsworth, CEO of parent company Helios and Matheson Analytics. As of Friday, Lowe will take over Itum’s responsibilities. The writing may have been on the wall last week when the company sent a press release about its new path as a company and Itum was never mentioned.
“As previously stated, MoviePass has moved in a new strategic direction and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films,” MoviePass said in a statement. “This strategic shift has been accompanied by changes within the company. Khalid Itum will be...
- 3/13/2019
- by Amanda N'Duka and Dade Hayes
- Deadline Film + TV
MoviePass said on Wednesday that executive vice president Khalid Itum has resigned from the movie-going subscription service just three months after the company announced he had taken over the role.
The company said on Wednesday that in addition to Itum, several other individuals would be leaving and, or transitioning as the company tries to transform its business and change its fortunes. There was no pressure for Itum to leave the company, an individual close to MoviePass said.
“As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films,” the company said in a statement. “This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits. Mitch Lowe will assume all of Itum’s roles and responsibilities,...
The company said on Wednesday that in addition to Itum, several other individuals would be leaving and, or transitioning as the company tries to transform its business and change its fortunes. There was no pressure for Itum to leave the company, an individual close to MoviePass said.
“As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films,” the company said in a statement. “This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits. Mitch Lowe will assume all of Itum’s roles and responsibilities,...
- 3/13/2019
- by Trey Williams
- The Wrap
Khalid Itum, the executive tasked with overseeing day-to-day operations at MoviePass, has left the struggling subscription service, Variety has confirmed. Insiders had previously said Itum had been largely absent in recent weeks and MoviePass CEO Mitch Lowe had assumed more of a leadership role after previously stepping back.
According to a spokesperson for the company, “Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits.” The spokesperson also added that Chief Technology Officer Joey Adarkway and human resources head Jake Peterson, are transitioning from full time employees to contracted consulting roles. There have been several rounds of layoffs at MoviePass in recent weeks, impacting its business development operations and MovieFone, the movie directory service it purchased in 2018. Dozens of staffers have been cut, according to one insider.
“As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a...
According to a spokesperson for the company, “Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits.” The spokesperson also added that Chief Technology Officer Joey Adarkway and human resources head Jake Peterson, are transitioning from full time employees to contracted consulting roles. There have been several rounds of layoffs at MoviePass in recent weeks, impacting its business development operations and MovieFone, the movie directory service it purchased in 2018. Dozens of staffers have been cut, according to one insider.
“As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a...
- 3/13/2019
- by Brent Lang
- Variety Film + TV
Embattled MoviePass has lost Khalid Itum, the executive vp who assumed day-to-day control of the movie subscription service in November.
"As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films," the company said Wednesday in a statement, adding, "This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits."
Itum's departure follows MoviePass parent Helios and ...
"As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films," the company said Wednesday in a statement, adding, "This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits."
Itum's departure follows MoviePass parent Helios and ...
- 3/13/2019
- The Hollywood Reporter - Movie News
Embattled MoviePass has lost Khalid Itum, the executive vp who assumed day-to-day control of the movie subscription service in November.
"As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films," the company said Wednesday in a statement, adding, "This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits."
Itum's departure follows MoviePass parent Helios and ...
"As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films," the company said Wednesday in a statement, adding, "This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits."
Itum's departure follows MoviePass parent Helios and ...
- 3/13/2019
- The Hollywood Reporter - Film + TV
Theatrical subscription pioneer’s strategic shift “has been accompanied by changes within the company.”
Months after be was promoted to executive vice-president of MoviePass, Khalid Itum is departing the tumultuous theatrical subscription venture.
MoviePass co-founder and CEO Mitch Lowe will take over day-to-date operations. Khalid, who rose to his most recent role at the company in late 2018, hinted in January that the company might bring back a version of its infamous– and discontinued – “unlimted” plan, whereby members were able to watch one film a day for a $9.95 monthly fee.
On Wednesday (13) the company issued the following statement: “As previously stated,...
Months after be was promoted to executive vice-president of MoviePass, Khalid Itum is departing the tumultuous theatrical subscription venture.
MoviePass co-founder and CEO Mitch Lowe will take over day-to-date operations. Khalid, who rose to his most recent role at the company in late 2018, hinted in January that the company might bring back a version of its infamous– and discontinued – “unlimted” plan, whereby members were able to watch one film a day for a $9.95 monthly fee.
On Wednesday (13) the company issued the following statement: “As previously stated,...
- 3/13/2019
- by Jeremy Kay
- ScreenDaily
If you’ve ever logged in to the MoviePass app and been disappointed to find that there were no screening options available, you’re far from alone. Two dissatisfied customers have filed a class-action lawsuit against the beleaguered company, reports Variety, with Lawrence and Laurie Weinberger of Sea Cliff, New York accusing MoviePass of a “deceptive and unfair bait-and-switch scheme.”
At the heart of their complaint is the fact they purchased annual plans last March, paying $105.35 to see one movie per day throughout the year; they ultimately only saw three films in a 10-month period and claim that MoviePass refused to offer a pro-rated refund after the terms of service changed.
Under intense financial pressure last year, the company changed its subscription plan so that users could only see three movies per month; in addition, customers have complained that some films were never available to see at all and entire theaters were blacked out.
At the heart of their complaint is the fact they purchased annual plans last March, paying $105.35 to see one movie per day throughout the year; they ultimately only saw three films in a 10-month period and claim that MoviePass refused to offer a pro-rated refund after the terms of service changed.
Under intense financial pressure last year, the company changed its subscription plan so that users could only see three movies per month; in addition, customers have complained that some films were never available to see at all and entire theaters were blacked out.
- 2/2/2019
- by Michael Nordine
- Indiewire
Think of it as MoviePass 2.0.
The beleaguered ticketing service is trying to shake off its troubled image as a subscription company in a perpetual state of chaos and near collapse with a new marketing campaign and a fresh array of offerings that are being rolled out this month. The campaign, which includes print ads and a billboard in Times Square, contains images of enraptured moviegoers staring up at a big screen alongside the tagline “let’s go to the movies.”
“It’s a tribute to our friends in exhibition,” said Khalid Itum, executive VP of MoviePass, in an interview. “We’re saying that the best place to see a movie is a movie theater. That’s means getting off your couch and going to one. That’s sort of a story of human triumph fulfilled, as well as a story of our company fulfilling our promise to you as a consumer.
The beleaguered ticketing service is trying to shake off its troubled image as a subscription company in a perpetual state of chaos and near collapse with a new marketing campaign and a fresh array of offerings that are being rolled out this month. The campaign, which includes print ads and a billboard in Times Square, contains images of enraptured moviegoers staring up at a big screen alongside the tagline “let’s go to the movies.”
“It’s a tribute to our friends in exhibition,” said Khalid Itum, executive VP of MoviePass, in an interview. “We’re saying that the best place to see a movie is a movie theater. That’s means getting off your couch and going to one. That’s sort of a story of human triumph fulfilled, as well as a story of our company fulfilling our promise to you as a consumer.
- 1/24/2019
- by Brent Lang
- Variety Film + TV
Helios & Matheson, owner of distressed movie subscription service MoviePass, said it has made a confidential filing with the SEC setting the stage for the unit’s planned spinoff.
MoviePass would remain under the control of Helios & Matheson, but would have its own financial structure and be traded separately. Helios has other data analytics businesses that have followed much less volatile trajectories than that of MoviePass over the past two years.
The parent company “expects to commence the distribution after the SEC completes its review process and declares the Form S-1 registration statement effective,” according to a press release. Conditions on the plan include approval to list MoviePass shares on the Nasdaq or another exchange as well as Helios being allowed to distribute MoviePass shares under Delaware law, “of which there is no assurance,” the company said.
Current owners of certain warrants would be eligible to participate in the distribution. On Wednesday,...
MoviePass would remain under the control of Helios & Matheson, but would have its own financial structure and be traded separately. Helios has other data analytics businesses that have followed much less volatile trajectories than that of MoviePass over the past two years.
The parent company “expects to commence the distribution after the SEC completes its review process and declares the Form S-1 registration statement effective,” according to a press release. Conditions on the plan include approval to list MoviePass shares on the Nasdaq or another exchange as well as Helios being allowed to distribute MoviePass shares under Delaware law, “of which there is no assurance,” the company said.
Current owners of certain warrants would be eligible to participate in the distribution. On Wednesday,...
- 1/17/2019
- by Dade Hayes
- Deadline Film + TV
MoviePass is closing out a tumultuous 2018 with one more revamp of its subscription pricing and the promotion of its head of business development to day-to-day oversight of the service.
The three new pricing plans, which take effect January 1, will still limit moviegoers to three films a month. That big shift from the initial one-movie-per-day allowance kicked in abruptly last summer after a chaotic period that saw a cash crunch and top box-office draws like Mission: Impossible-Fallout suddenly being yanked. Basic plans will now range from $10 to $15 a month depending on where a subscriber lives, and will keep certain new releases off limits; the $15 to $20 middle tier removes those restrictions. Only by stepping up to the top tier at $20 to $25 will subscribers get 3D or Imax privileges, and even then only one such deluxe screening per month.
The Helios and Matheson division faces many obstacles, including a probe by the New...
The three new pricing plans, which take effect January 1, will still limit moviegoers to three films a month. That big shift from the initial one-movie-per-day allowance kicked in abruptly last summer after a chaotic period that saw a cash crunch and top box-office draws like Mission: Impossible-Fallout suddenly being yanked. Basic plans will now range from $10 to $15 a month depending on where a subscriber lives, and will keep certain new releases off limits; the $15 to $20 middle tier removes those restrictions. Only by stepping up to the top tier at $20 to $25 will subscribers get 3D or Imax privileges, and even then only one such deluxe screening per month.
The Helios and Matheson division faces many obstacles, including a probe by the New...
- 12/6/2018
- by Dade Hayes
- Deadline Film + TV
Embattled subscription service MoviePass is changing its pricing structure once again, the company announced Thursday.
Under the new plans, customers — depending upon where they live — will pay anywhere from $9.95 to $24.95 a month to see three movies a month for a total 36 movies a year.
Additionally, day-to-day operations are being turned over to Khalid Itum, MoviePass' new executive vp, while CEO Mitch Lowe will focus on overall strategy.
The changes were announced by Lowe, Itum and Ted Farnsworth, chairman-ceo of parent company Helios and Matheson, which has seen its stock decimated because of losses ...
Under the new plans, customers — depending upon where they live — will pay anywhere from $9.95 to $24.95 a month to see three movies a month for a total 36 movies a year.
Additionally, day-to-day operations are being turned over to Khalid Itum, MoviePass' new executive vp, while CEO Mitch Lowe will focus on overall strategy.
The changes were announced by Lowe, Itum and Ted Farnsworth, chairman-ceo of parent company Helios and Matheson, which has seen its stock decimated because of losses ...
- 12/6/2018
- The Hollywood Reporter - Film + TV
Embattled subscription service MoviePass is changing its pricing structure once again, the company announced Thursday.
Under the new plans, customers — depending upon where they live — will pay anywhere from $9.95 to $24.95 a month to see three movies a month for a total 36 movies a year.
Additionally, day-to-day operations are being turned over to Khalid Itum, MoviePass' new executive vp, while CEO Mitch Lowe will focus on overall strategy.
The changes were announced by Lowe, Itum and Ted Farnsworth, chairman-ceo of parent company Helios and Matheson, which has seen its stock decimated because of losses ...
Under the new plans, customers — depending upon where they live — will pay anywhere from $9.95 to $24.95 a month to see three movies a month for a total 36 movies a year.
Additionally, day-to-day operations are being turned over to Khalid Itum, MoviePass' new executive vp, while CEO Mitch Lowe will focus on overall strategy.
The changes were announced by Lowe, Itum and Ted Farnsworth, chairman-ceo of parent company Helios and Matheson, which has seen its stock decimated because of losses ...
- 12/6/2018
- The Hollywood Reporter - Movie News
MoviePass has read your enraged tweets. It has fielded your angry calls. And, yes, it has seen those memes that showed images of its offices engulfed in flames. Despite becoming a trending topic for all the wrong reasons, the company that once planned to be the Netflix of moviegoing believes it can win back the trust of its customers after a bumpy year that’s led to a wave of articles predicting its imminent demise.
“We have a lot to prove to all our constituents,” said Mitch Lowe, MoviePass’s chairman in an interview on Monday at Variety‘s New York headquarters. “We don’t just have to prove ourselves to our members, we also have to prove ourselves to the investment community, our employees, and our partners. We believe we’re doing everything that we possibly can to deliver a great service and we’re in the process of...
“We have a lot to prove to all our constituents,” said Mitch Lowe, MoviePass’s chairman in an interview on Monday at Variety‘s New York headquarters. “We don’t just have to prove ourselves to our members, we also have to prove ourselves to the investment community, our employees, and our partners. We believe we’re doing everything that we possibly can to deliver a great service and we’re in the process of...
- 12/6/2018
- by Brent Lang
- Variety Film + TV
MoviePass and its parent company, Helios and Matheson Analytics, announced Thursday the acquisition of the 29-year-old movie site Moviefone from AOL parent company Oath.
According to an SEC filing, MoviePass and its parent will pay $1 million in cash and offer Oath roughly $14 million in options on Helios and Matheson stock at a $5.50 share price. (The stock is currently trading at $3.34.)
Under the deal, Oath will continue to sell Moviefone’s digital ad inventory and has taken an ownership stake in MoviePass through equity in Hmny in connection with the transaction.
Also Read: How 'Silicon Valley' Helps Explain MoviePass
Founded in 1989, Moviefone attracts over 6 million unique monthly visitors to its site for movie showtimes and tickets, trailers, TV schedules, streaming information, cast and crew interviews, photo galleries and more.
“This natural alignment between MoviePass and Moviefone will help us grow our subscriber base significantly and expand our marketing and advertising platform for our studio and brand partners,” MoviePass CEO Mitch Lowe said in a statement. “Moviefone has been a go-to resource for entertainment enthusiasts for years, and we’re excited to bolster its presence and bring this iconic platform into the entertainment ecosystem of the future.”
Khalid Itum, VP of business development at MoviePass, added: “We believe the acquisition will allow us to connect studios and brands with potential new subscribers, capture their attention, and convert them into paying subscribers. We believe Moviefone will also allow us to provide relevant and appealing content to moviegoers while simultaneously increasing the value of the Moviefone brand.”
Also Read: MoviePass Signs Exhibition Deal With Mark Cuban's Landmark Theatres
Matt Young, Oath’s VP of entertainment, said, “By bringing together MoviePass and Moviefone, entertainment lovers will enjoy the full suite of movie-theater subscription opportunities, discovering, interacting and sharing blockbusters, hit series and underground hits across the worldwide community of film and TV. Advertising partners will also have a more powerful and comprehensive vehicle to promote their films.”
Read original story MoviePass, Helios and Matheson Acquire Moviefone From Oath At TheWrap...
According to an SEC filing, MoviePass and its parent will pay $1 million in cash and offer Oath roughly $14 million in options on Helios and Matheson stock at a $5.50 share price. (The stock is currently trading at $3.34.)
Under the deal, Oath will continue to sell Moviefone’s digital ad inventory and has taken an ownership stake in MoviePass through equity in Hmny in connection with the transaction.
Also Read: How 'Silicon Valley' Helps Explain MoviePass
Founded in 1989, Moviefone attracts over 6 million unique monthly visitors to its site for movie showtimes and tickets, trailers, TV schedules, streaming information, cast and crew interviews, photo galleries and more.
“This natural alignment between MoviePass and Moviefone will help us grow our subscriber base significantly and expand our marketing and advertising platform for our studio and brand partners,” MoviePass CEO Mitch Lowe said in a statement. “Moviefone has been a go-to resource for entertainment enthusiasts for years, and we’re excited to bolster its presence and bring this iconic platform into the entertainment ecosystem of the future.”
Khalid Itum, VP of business development at MoviePass, added: “We believe the acquisition will allow us to connect studios and brands with potential new subscribers, capture their attention, and convert them into paying subscribers. We believe Moviefone will also allow us to provide relevant and appealing content to moviegoers while simultaneously increasing the value of the Moviefone brand.”
Also Read: MoviePass Signs Exhibition Deal With Mark Cuban's Landmark Theatres
Matt Young, Oath’s VP of entertainment, said, “By bringing together MoviePass and Moviefone, entertainment lovers will enjoy the full suite of movie-theater subscription opportunities, discovering, interacting and sharing blockbusters, hit series and underground hits across the worldwide community of film and TV. Advertising partners will also have a more powerful and comprehensive vehicle to promote their films.”
Read original story MoviePass, Helios and Matheson Acquire Moviefone From Oath At TheWrap...
- 4/5/2018
- by Thom Geier
- The Wrap
Helios and Matheson Analytics Inc. , the majority owner of MoviePass, has snapped up Moviefone from Verizon’s digital arm Oath in a mixture of undisclosed cash and unregistered equity.
Moviefone, who arguably started the whole notion of advance movie ticket sales with their 777-film phone lines back in the 1990s, is currently an entertainment news portal that also provides showtime information, connecting users to individual chain’s ticket sales pages. Moviefone was started in 1989 by Russ Leatherman (the voice of Mr. Moviefone on their phone lines), Andrew Jarecki, Pat Cardamone, and Adam Slutsky. AOL bought Moviefone in 1999 for $388M and during the millennium Moviefone would link to Movietickets.com then later Fandango to provide consumers with advance tickets. In 2014, Moviefone became a movie info shell as we currently know it. AOL Ventures, which was the venture capital arm of AOL (now, Oath), was an early investor in MoviePass back in 2011.
With its purchase of Moviefone,...
Moviefone, who arguably started the whole notion of advance movie ticket sales with their 777-film phone lines back in the 1990s, is currently an entertainment news portal that also provides showtime information, connecting users to individual chain’s ticket sales pages. Moviefone was started in 1989 by Russ Leatherman (the voice of Mr. Moviefone on their phone lines), Andrew Jarecki, Pat Cardamone, and Adam Slutsky. AOL bought Moviefone in 1999 for $388M and during the millennium Moviefone would link to Movietickets.com then later Fandango to provide consumers with advance tickets. In 2014, Moviefone became a movie info shell as we currently know it. AOL Ventures, which was the venture capital arm of AOL (now, Oath), was an early investor in MoviePass back in 2011.
With its purchase of Moviefone,...
- 4/5/2018
- by Anthony D'Alessandro
- Deadline Film + TV
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.