Hexbyte Tech News Wired
When MoviePass launched its $10 unlimited movie ticketing service nearly a year ago, it seemed too good to be true. Consider that hunch confirmed. After months of setting great big piles of money on fire to maintain operations, the company is raising prices by 50 percent, limiting access to high-demand showings, and clamping down even further on suspected fraud.
The company’s crash landing back to earth shouldn’t come entirely as a surprise; after all, just a few days ago it literally ran out of money, requiring an emergency $5 million cash infusion to resume services. MoviePass says its moves to increase revenue and reduce costs have already cut cash burn by 60 percent. It’s unclear whether even that much will keep it afloat.