|The 'Pass' is dead, long-live the 'Pass'|
That's if Ted Farnsworth, the former top-dog at the crashed & burned MoviePass, has his way - I don't think its second-coming is in the cards.
Says Farnsworth, "MoviePass is something that we can reshape and rebuild. It will take time, but I think we can revitalized the whole brand." Ted, there is no brand. There is nothing to save and resurrect!
MoviePass is the ill-fated movie admission subscription service which allowed members to view a movie per day for $9.99 per month.
Theory: more people in cinemas - sell more concession - make more profits which are shared between MP and exhibitor.
Reality: a colossal conceptual failure from the get-on.
CMG and ScreenTrade Magazine predicted, from MP's outset, that it was based upon a false premise and was doomed to fail and would never, ever work. After burning through $329 million (according to the bankruptcy filings) it shuttered its doors.
There was bad dealings on all sides of the MP scheme, as many of its members 'gamed' the company by using the MP app to buy tickets and resell them at a discounted admission price. Management couldn't see this flaw in their strategy?
But even after all of this nonsense, Ted Farnsworth says, "There's an opportunity here. We were a lot like Uber and what it did to the taxis." Someone should clue Ted in on the fact that Uber has never made a profit either. What's the definition of insanity?
Jim Lavorato, Founder/President
Entertainment Equipment Corp.