One of the biggest startups, that was aiming to disrupt the film industry, has announced that it will close down. Talking about disruption in the film industry, we mean in a good way. That’s because MoviePass is a subscription service which lets you watch as many movies as you want and that too in theatres for a monthly subscription. Now, the service seemed too good to be true but we know that they tried their best to make it work. However, the service has been shut which shows that it did not work out the way they had planned.
Talking about MoviePass, we know that funds was not the problem because they raised a huge round of investment last year with its parent company. However, the main problem seems to be that not enough people wanted to buy MoviePass’s subscription. One of the main ways in which any subscription service, that offers more services at fewer prices, makes money is if more and more people join them. In the case of MoviePass, this did not happen so the company had to then increase the price of their subscription from what they first announced.
Increasing the prices also did not work out so MoviePass decided to change the business plan. Later, MoviePass also shutdown temporarily which might be in order to rethink their strategy and make the service work. But we can now confirm that the service is officially dead effective immediately. MoviePass is notifying its customers that the service will not work from September 14 which is from tomorrow. According to MoviePass, this decision has been taken as “its efforts to recapitalize MoviePass™ have not been successful to date.” and the company says that they are looking at “all strategic and financial alternatives,” including a sale of the company and all of its assets
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