SALT LAKE CITY — MoviePass’ future doesn’t look too bright.
The subscription movie service's parent company, Helios and Matheson, posted its quarterly earnings report Tuesday, revealing huge losses from the last year.
The report showed HMNY’s losses went from less than $3 million in this quarter last year to $126.6 million in the three-month period that ended on June 30, 2018, according to The Verge.
The losses come from MoviePass’ struggle to generate revenue. The company once promised customers unlimited movie tickets for $9.95 per month, according to the earnings report. That didn’t exactly spell “moneymaker.”
The report said MoviePass spent more than $218 million in this year’s second quarter alone, which is about $73 million per month.
The company only has $51.4 million left in assets.
MoviePass has tried to find financial success to fix its ailments. The company recently announced it would allow customers to see three movies per month for $9.95 monthly payments. That was after rumors surfaced that the company planned to increase its prices to $14.95 per month.1 comment on this story
However, MoviePass hasn’t been free of controversy despite the new plan. Just this week, customers complained that they couldn’t see any movies other than “Slenderman.”
And customers reported that MoviePass resubscribed them even after they canceled their accounts.
"The whole situation is shocking and absolutely illegal," said Christiane Watts, a Utah woman who spoke with the Deseret News. "My husband and I are calling our bank and making sure they won’t take any more money from us and will for sure dispute this last charge."