SALT LAKE CITY — It looks like MoviePass customers didn’t get to see “Mission: Impossible - Fallout” over the weekend, and MoviePass isn’t denying it.
MoviePass customers struggled to see the new hit Tom Cruise film, according to Deadline, and took to Twitter to express outrage.
MoviePass CEO Mitch Lowe said in a statement over the weekend that some films may not always be available through MoviePass.
“As we continue to evolve the service, certain movies may not always be available in every theater on our platform. This is no different than other in-home streaming options that often don’t carry the latest shows or movies that may be available on other services,” he said.
But “Fallout” won’t miss the MoviePass subscribers. The Cruise film still climbed its way to No. 1 at the box office over the weekend with $61.5 million.
“A cold hard truth: MoviePass doesn’t drive a majority of weekend tickets sales for movies,” Deadline reported.
MoviePass stopped working last Thursday night because the company’s owner, Helios and Matheson Analytics, ran out of money, according to my report for the Deseret News. The company borrowed $5 million to help bring MoviePass back online.
HMNY filed a statement to the Securities and Exchange Commission that said the company borrowed the money after a “service interruption” disallowed the app from making required payments, Business Insider reported.3 comments on this story
HMNY, which borrowed the money from Hudson Bay Capital Management, said in its filing that the total borrowed amount sat at $6.2 million, "which includes $5 million in cash borrowed by the company from the holder and $1.2 million of original issue discount,” the filing said.
HMNY and MoviePass have trended toward bankruptcy over the last few months. As I wrote for the Deseret News, HMNY said it needed $1.2 billion to keep the business alive.
In May, HMNY had $18.5 million on hand, CNN reported. The company said it spends $21.7 million every month on MoviePass, and in May, HMNY spent $40 million on MoviePass.