MoviePass honchos Mitch Lowe and Ted Farnsworth are still trying to break the moviegoing business model.
So far, though, The Street is about as horrified as actor Macaulay Culkin was in “Home Alone.”
Lowe and Farnsworth’s dream began a year when Helios and Matheson-owned company shook the cinema biz with a $9.95-a-month, movie-a-day subscription service.
Once a sleepy company with nine employees and 20,000 subscribers, MoviePass quickly ballooned into a 3 million-subscriber behemoth.
But as it footed the bill for all those movie tickets, MoviePass burned through more than $300 million in cash. One year later, its stock is virtually worthless — and now its very existence is threatened as it slashes services and desperately searches for new investors.