MoviePass owner announces it recently raised $65 million in new funding
- Ted Farnsworth, the CEO of Helios and Matheson Analytics, which owns MoviePass, said on Tuesday that the company has raised $65 million in new funding.
- He also said that that MoviePass has controlled its spending since changing to the three-movies-per-month plan.
MoviePass isn't going anywhere - at least according to Ted Farnsworth, the CEO of Helios & Matheson Analytics (HMNY), which owns MoviePass.Farnsworth said just that on Tuesday while speaking at the entertainment media conference TheGrill in Los Angeles.
According to The Wrap, which puts on the event, Farnsworth insisted that the company is not going bankrupt and stated that it raised $65 million in new funding last month.
Business Insider contacted HMNY to get more specifics on the funding, but the company declined to comment.
Farnsworth said MoviePass has controlled its spending since August, when it switched to a three-movie-per-month plan for $9.95.
"People are going to less than one movie a month," Farnsworth said at the event. "So technically subscription alone right now is doing just fine, now it's tacking on all the other things on top of it."
Farnsworth is referring to the acquisition side of the company, like its recent co-acquisition of Neon titles "Monsters and Men" and "Border" through MoviePass films.However, the threat of HMNY being delisted from the NASDAQ is still looming over the company, as its stock is currently at $0.01. If it continues to trade below $1 by mid-December, the process of delisting will begin.
On October 18, HMNY will hold a special meeting with stockholders to approve an amendment for a one-time reverse stock split of up to 1-for-500 shares.