The new MoviePass motto should be the same as The Goonies: "Never say die."
During TheWrap's Online Ticketing and the Future of Theatrical panel today, the CEO of MoviePass owner Helios & Matheson Analytics, Ted Farnsworth, assured that the cinema company isn't filing for bankruptcy, according to TheWrap. Farnsworth noted that MoviePass is here to stay, despite the company's recent turbulent ride, which saw its stock price drop to eight cents as of July 24.
“We’re still here, and we’re not going anywhere,” said Farnsworth. He also announced that MoviePass has raised $65 million in new funding, though he didn't specify where that money is coming from.
“We’re doing M&A, we’re looking at all kinds of acquisitions at any given time and we’ll grow the company that way and I think you’ll see over the next few weeks,” said Farnsworth.
It's somewhat hard to believe that the company is still around, despite the bad press and vocal frustration from its former subscribers. Just last week MoviePass got some flack for its email that alerted former customers they were enrolled in a test program that reinstated their $9.95 subscription. But it was on them to manually opt out before Oct. 4 to avoid the charge.
Does Farnsworth's newly found funding from the undisclosed source reinstall your confidence in MoviePass? Or are you going to your inbox to make sure you're not one of the lucky select test group?