Skip to main content

MoviePass Announces Changes; Stock Skyrockets In Morning Trading

NEW YORK (CelebrityAccess) MoviePass, the movie theatre subscription service, has just announced new measures to accelerate profitability and Wall Street seems to like it, with the stock of its parent company jumping since the opening bell from $.71 to $1.81.

MoviePass parent company Helios & Matheson Analytics (HMNY) announced the following:

  • Actions that have been implemented are currently cutting the monthly burn by 60%.
  • A future increase of the standard pricing plan to $14.95 per month within the next 30 days.
  • First Run Movies opening on 1,000+ Screens to be limited in their availability during the first two weeks, unless made available on a promotional basis,
  • Implementation of additional tactics to prevent abuse of the MoviePass service.

“Over the past year, we challenged an entrenched industry while maintaining the financially transparent records of a publicly traded company. We believe that the measures we began rolling out last week will immediately reduce cash burn by 60% and will continue to generate lower funding needs in the future,” said Ted Farnsworth, Chairman and CEO of Helios.

“These changes are meant to protect the longevity of our company and prevent abuse of the service. While no one likes change, these are essential steps to continue providing the most attractive subscription service in the industry. Our community has shown an immense amount of enthusiasm over the past year, and we trust that they will continue to share our vision to reinvigorate the movie industry,” said Mitch Lowe, MoviePass CEO.

Investors in MoviePass and Helios & Matheson recently met at New York’s Empire State Building to consider efforts, including a reverse stock split, that would keep HMNY stock on Nasdaq because it was threatening to dip below the listing price of $1. Despite those efforts, MoviePass recently ran out of money and had to shutter for an evening.

The post MoviePass Announces Changes; Stock Skyrockets In Morning Trading appeared first on CelebrityAccess.



from CelebrityAccess https://ift.tt/2NZqa3h
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

AWAL Hires Thomas Fiss As Vice President of Strategic Marketing, North America

LOS ANGELES (CelebrityAccess) – Kobalt’s recording arm AWAL has hired Thomas Fiss as Vice President, Strategic Marketing, North America. In this new role, Fiss will oversee creative multichannel marketing, including conceptualizing and producing content offerings and partner integrations for AWAL artists, to grow relationships with brands, media outlets and other external organizations. Fiss joins AWAL with more than 10 years of music industry and partnership marketing experience. Most recently, he served as a department head at Life is Beautiful Music Festival, where he managed brand partnerships, including strategy and execution. He is also the co-founder of Partner.ly, a software platform that simplifies the artist and brand partnership process. Prior to beginning his marketing career, Fiss was a recording artist signed to Capitol Records in the US. Commenting on their latest hire, AWAL President, North America Ron Cerrito said: “We are reimagining the construct and type of serv...
Post a Comment
Read more

APA Promotes Jules Urbanski To Music Agent

LOS ANGELES (CelebrityAccess) APA has promoted Jules Urbanski to agent in the concerts department, it was announced today by Jim Gosnell, President and CEO of APA.  Urbanski first joined APA in 2015, working in the mailroom before joining the agency’s Agent Training Program prior to his promotion. “Jules is an exceptional young man with an entrepreneurial spirit, vision and passion for the music industry,” commented Gosnell in making the announcement.  “I’ve admired his talents since first joining our team and am pleased to award his hard work and diligence with this promotion.” A graduate of the UNLV, Urbanski grew up on film and television sets with parents Diane Wilk, executive producer of The Nanny , and Doug Urbanski, Broadway producer, talent manager, and Academy Award-nominated film producer. Urbanski works closely with APA partner and co-head of talent, Jim Osborne, with whom he shares crossover clients, including T.I, Curtis “50 Cent” Jackson, and Tyrese Gibson....
Post a Comment
Read more

Spotify To Remove India’s Saregama Catalog Amid Copyright Infringement Lawsuit

INDIA (CelebrityAccess) – Global music streaming giant Spotify has agreed to remove all works belonging to India’s oldest record label, Saregama, from its platform within the next 10 days. The decision follows a copyright infringement suit against Spotify brought by Saregama and heard by Delhi’s High Court. In the lawsuit, which is available for viewing here , Saregama claims that, although it entered into negotiations with Spotify for a copyright license and permitted Spotify to upload its content a month ahead of the platform’s launch in India, the two parties never actually finalized their deal. Subsequently, Saregama, alleges that it requested Spotify block all of its work on the app, however, the streaming platform had not complied until now. Established in 1901, Saregama is India’s oldest record label and music publishing company. With a catalog that generated over a billion streams worldwide in calendar Q4 last year, according to MBW, the firm began operations as a branch ...
Post a Comment
Read more