MoviePass Parent Sees Stock Collapse Amid Outages

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MoviePass subscribers were unable yet again to use their subscription cards Monday to purchase movie tickets, which sent stock in parent Helios and Matheson into a freefall. “Error getting available plans. Please refresh your browser,” MoviePass subscribers read when clicking onto the website. international-trailer-mission-impossible-falloutStock in Helios and Matheson Analytics fell $1.20, or 60 percent, on Monday to close on the NASDAQ Exchange at 80 cents, before continuing to slide in after-hours trading. 

Having gone under $1, shares in Helios and Matheson now risk a delisting on the NASDAQ. As the stock fell Monday, in Los Angeles, for example, one of the few theaters available to subscribers appeared to be the Landmark.

 

The MoviePass parent couldn’t be reached for comment on Monday. But the latest technical difficulties mean MoviePass users weren’t able to use subscription cards to see Mission: Impossible — Fallout on its opening weekend, with or without a surcharge.

 

The MoviePass service boasts 3 million subscribers who pay $10 a month for a ticket per day, only to be plagued by technical difficulties through July. The latest outage follows MoviePass introducing peak pricing, whereby it charges an estimated $2 to $6 extra if users wish to see the most popular movie titles at the most crowded showings.

 

MoviePass has also faced new competition from AMC, as the nation’s largest movie exhibitor launched its own service where subscribers get three tickets a week for $20 a month.

 

Written By: Tommy Lightfoot Garrett
Photographs are Courtesy:  Paramount; Disney
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