MoviePass has been a hot topic on Wall Street both for its business model and finances. The company’s CEO thinks he can save the company.
In the 11 months since Ted Farnsworth’s Helios and Matheson Analytics Inc. (HMNY) acquired MoviePass and slashed its monthly fee to $9.95, its user base has ballooned from 20,000 the year before to over 3 million devoted fans.
To many, the offer of being able to see a movie in theaters for a day for about the cost of one ticket in most major cities seems too good to be true, considering MoviePass has to pay theaters the full price of each ticket. Subscribers have one question – how long can it last?
According to Farnsworth — forever.