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In the space of a few months, MoviePass went from being the hottest startup on the block to a cautionary tale about growing too big, too fast.
By the time the summer of MoviePass came to an end, the company that was going to permanently disrupt the box office was hemorrhaging money. It changed its subscription plans repeatedly, while a service outage found its parent company, Helios and Matheson Analytics, asking creditors for a $5 million loan.
Company - Year - Tales - Woe - Film
The company’s past year is littered with tales of woe, including funding the film “Gotti,” which earned the fabled 0 percent on review aggregator Rotten Tomatoes. But this week, MoviePass announced a return of sorts, with the launch of Uncapped, which brings back its unlimited subscription plan (with caveats).
Shortly after that news dropped, we sat down with Helios and Matheson CEO Ted Farnsworth to discuss the company’s rocky year, and how he intends to right the ship long after most have discounted MoviePass outright. We’ve already written up some of his more newsworthy remarks; now here’s a fuller (but still edited and condensed) transcript of what he told us.
TC - Status - Plan - MoviePass - Point
TC: What is the status of the plan to spin-off MoviePass at this point? We last heard from you back in January.
TF: We filed our S-1, which is public information out there. And we’re continuing going full speed ahead.
TC - Helios - Matheson
TC: So what will Helios and Matheson look like moving forward?
TF: Helios and Matheson will still be obviously the largest shareholder of MoviePass. And then MoviePass Entertainment will be with MoviePass Films, MoviePass Subscription and Moviefone.
TC - Sense - Spin-off
TC: Why does it make sense to spin-off?
TF: It makes sense from the standpoint of multiple reasons. One is because it will be a fully integrated entertainment company there. So if we plan to go forward and do any other acquisitions or whatever else...
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