Friday 13 September 2019
Ding dong, the completely unsustainable witch is dead. As we reported earlier today, MoviePass is shutting down. It leaves behind a few now-useless cards, and several major VC funds out of pocket to the tune of $68.7M. Make no mistake, this was a completely predictable turn of events. For over a year, MoviePass has struggled with cash-flow struggles, primarily because it had an utterly doomed business model. In short, it sold a product (movie tickets) for far less than it cost to acquire, with no concrete plans to reach profitability, save for vague postulations about “analytics” and “partnerships.” At first,…
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