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Moviepass losses jumped from less than $3 million to $126.6 million in a year
2018-08-15T00:31:28Z - Natt Garun / The Verge
Moviepass parent Helios & Matheson has quietly posted its quarterly earnings report, revealing that operating losses have ballooned from less than $3 million this quarter last year to $126.6 million in the three month period ending June 30, 2018. Losses undoubtedly stem from Moviepass’ struggle to generate revenue from its theater subscription service, which launched just under a year ago for $9.95 a month after the company sold a majority of its stake to Helios & Matheson. A burn rate of $73 million a monthThe report also shows that the Moviepass parent burned through more than $219 million in Q2 2018 — or approximately $73 million a month — with only $51.4 million left. That run rate is more than triple the $21 million a month rate we last reported in May. If this continues, Moviepass will run out of money in less than two months.

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