NEW YORK (CelebrityAccess) — Beleaguered Moviepass became unavailable for the third week in a row on Friday night, leaving its 3-million-plus subscribers paying for their own movie tickets.
As well, before Moviepasses system went down for many users on Friday, the service appeared to offer only a very limited selection of movies to its subscribers.
According to the New York Post, subscribers on Friday were presented with the option of “Slenderman” — a bomb of a horror movie, and the Tom Cruise thriller “Mission Impossible: Fallout”.
While the second film seems like it might be a popular pick, Moviepass was offering tickets for it at off-peak show times. At the AMC Empire 25 in Times Square, Moviepassers could see the 2:30 p.m. and the late-starting 10:45 p.m showing, The Post noted.
In an interview with The Post on Friday, CEO Mitch Lowe confirmed the shift but noted that the two movies on offer might change from day-to-day.
“Unfortunately, in order to stay financially stable we’ve had to curtail the service,” Lowe told the Post. “We had to right the ship as far as the amount of money we were burning.”
“This has been a challenging time for us and our customers. We’re just trying to save our service to be able to be available long-term,” he added.
However, Lowe denied that the service was offering only off-peak showtimes, and said that in the next few weeks, subscribers would have better access to films throughout the day.
Lowe’s remarks to The Post come less than a week after Moviepass announced a plan to dramatically changed their subscription model in an attempt to stop the financial hemorrhage that was bleeding the company white. In just two months in May and June, Moviepass lost an estimated $85 million and had previously seen a monthly burn rate of $20 million.
At the end of trading on Tuesday, the share price for Moviepass’s parent company Helios & Matheson was up by 1% to $0.0505, down preciptiously from where it was trading for approximately $672 dollars on August 11, 2017.