MoviePass aims to launch a family plan within the next month
- MoviePass told Gizmodo that it is looking launch a family plan for its service within a month.
- The company is currently burning cash at a rate of around $20 million per month to fund its subscription service for individual users.
- MoviePass told Gizmodo that it is projecting to exceed five million paying subscribers by the end of 2018.
MoviePass told Gizmodo that it's looking to launch a family plan for its service within the next month.The company currently offers a $9.95-a-month subscription service that allows individual users to see one movie per day in theaters each month (with several caveats), and it's burning cash at a rapid rate to fund it.
"MoviePass' rapid growth is within its projections that estimate the service will exceed five million paying subscribers by the end of 2018," MoviePass told Gizmodo in a statement.The company has not yet announced a price point for its prospective family plan, but it could very well help push the service to the subscriber numbers it's projecting.
MoviePass has said that it has secured a $300 million "equity line of credit" that could sustain it for a year despite its losses of around $20 million per month, but financial experts have cast doubt on that statement, saying that MoviePass would have to convince investors of its long-term viability and potential for profit to access that money.The company's stock has plummeted more than 98% from its 52-week high of $32.90 set in October. On Friday the company was trading at under 40 cents per share, as concerns on Wall Street continue to mount about the company's financial stability.
- Apophis, the ‘God of Chaos’ asteroid is speeding up — increasing the likelihood of it hitting Earth in 2068
- Sputnik V: RDIF seeks vaccine's speedy registration, prequalification from WHO
- Ankhi Das quits as Facebook's India public policy head
- States urged to adopt national approach: Niti Aayog on 'free vaccine'
- Analysts expect no surprises from Axis Bank in the second quarter — loan growth and collections to be slow