MoviePass Was Not a Good Business
Also Binance vs. FTX and some more Elon Musk Twitter chaos.
The most important point about MoviePass is that it never made sense. With MoviePass, for a brief glorious time starting in August 2017, you signed up for a monthly service that cost $9.95 per month, and in exchange you could see as many movies as you wanted in theaters. “Any movie, any theater, any day,” MoviePass said.
The way it worked is that MoviePass just bought the tickets for you. Movie tickets often cost $12 or more. MoviePass did not own any theaters and did not have special discount deals with most of the theaters (it did with some); it just paid the full retail price. It was possible for you to lose money with a MoviePass subscription, if you only saw a handful of movies a year. But if you saw one movie a month, MoviePass was losing money on you. If you saw one movie a week, MoviePass was losing a ton of money on you. If you saw one movie a day, oops oops oops.