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It pays to do the right thing. According to Complex, two former MoviePass executives are facing federal charges for allegedly deceiving investors. The company’s previous CEO Mitchell Lowe, and Theodore Farnsworth, who formerly held the title of CEO of its parent company Helios and Matheson have been charged with securities fraud.
The return of MoviePass is a story for the ages. The site is going from bankruptcy to bringing in thousands of users on its waitlist who are anxiously awaiting its comeback. Although the platform — which has been dubbed as “one of the industry’s most notorious flops” by CNN — is on a mission to rise from the ashes after its quick downfall. When the movie ticketing service was launched in 2017, it became a fan favorite. However, just two years later the company filed for bankruptcy. Then, according to CNN Business, the company’s co-founder successfully purchased MoviePass out of debt.
Back in May 2021, AfroTech sat down with MoviePass founder Stacy Spikes to discuss the concept of his new company, PreShow. At the time, Spikes dismissed any notion of ever returning to the company he helped make famous. Getting his start as a film marketing executive and producer, Spikes first made headlines when he became the co-founder and CEO of MoviePass. In theory, MoviePass’ idea was a simple, and welcoming, one: pay a monthly subscription fee, see as many movies in the theaters as you’d like. In 2012, MoviePass upped the ante by activating proprietary location-based payment technology, which allowed users to pay for their tickets in a safe and secure way — another idea that was, in fact, before its time. So it’s no surprise that PreShow, too, has the same visionary approach to entertainment. “Originally, the idea was to make it movie-based,” he said. “But the pandemic threw a wrench into those plans.” Now, though, it seems like Spikes may have pivoted yet again. According to...
For moviegoers everywhere, MoviePass has been a game-changer. The subscription service became well-known for allowing users to sign up to watch one movie per day at participating theaters for just $9.95 per month — but that stellar offer is gone, at least for the time being. In an interview with The Hollywood Reporter , CEO Mitch Lowe said he didn’t know whether that original plan would return or not. And to be fair, MoviePass claims that 88 percent of its users see a maximum of two movies per month anyway. “Every time we try a new promotion, we never put a deadline on it,” he said. But later, MoviePass clarified what that uncertainty means. The company noted that they made some updates to the Terms of Service in order to limit fraud (For example, you can currently only use the pass to see movies once — so no going back to see Avengers: Infinity War over and over again). In addition, they clarified that although the current bundle includes four tickets per month and a three-month...