SALT LAKE CITY — MoviePass’ misfortunes took another turn this weekend, thanks to the film “Gotti.”
The company’s second film under the MoviePass Ventures label debuted at the box office this weekend to poor numbers, earning $1.67 million while showing at about 500 theaters, according to Quartz.
That’s far below its $10 million budget.
The film stars John Travolta as the infamous mobster John Gotti. The film didn’t receive any positive reviews from critics on Rotten Tomatoes. Audiences gave it a 78 percent, thanks to 6,900 users.
MoviePass members accounted for about 40 percent of the take as well, according to Deadline.
"MoviePass Ventures reportedly paid in the low seven figures for an equity stake in the film in April," according to Quartz. "It gets a cut of the film’s profits—if it ever makes any. MoviePass is not only on the hook for the cost of the tickets its members used to watch the flagging film, its subsidiary MoviePass Ventures, could lose its investment if the film doesn’t pick up steam."
MoviePass announced at the end of May that its parent company, Helios and Matheson Analytics, bought Emmett Furla Oasis Films, which has produced such films as “Lone Survivor” starring Mark Wahlberg and “End of Watch," according to the Deseret News.
MoviePass took ownership of all the company’s films, including “Asteroids” — based on the famous video game — and Martin Scorsese’s “The Irishman.”
HMNY CEO Ted Farnsworth said he felt the acquisition would help MoviePass survive its economic troubles. Currently, the company has $15.5 million on hand with $27.9 million on deposit, which raised concerns among Wall Street analysts about MoviePass' stock value.Comment on this story
“This signals our long-term commitment to the movie business,” he told Variety. “We’re here for the long haul.”
MoviePass will continue to release and produce new films with Oasis films.
“Since we began disrupting the movie industry with our unprecedented low-cost movie theater subscription service, MoviePass, we have envisioned owning and developing our own content and using the power of our several million subscribers to bolster the success of our films,” MoviePass CEO Mitch Lowe said in a statement. “I believe this partnership with Emmett Furla Oasis Films will accelerate those efforts.”