HBO has released a trailer for its documentary MoviePass, MovieCrash. The film follows the rapid rise and devastating implosion of the movie subscription service MoviePass.
In the first look at the director’s doc Muta’Ali Muhammad, insiders tell the untold story behind the company. “When they talk about MoviePass, you usually get a picture of it [former CEOs] Mitch [Lowe] and Ted [Farnsworth]. But that’s absolutely not the case,” says a former employee.
Although the company was founded by Stacy Spikes and Hamet Watt, they ultimately found themselves sidelined, watching from the sidelines as new executives took control. “This is a business, not a family, and not every role fits,” Lowe says in the trailer, which calls attention to the leadership’s lavish spending on parties with celebrities like John Travolta and Big Boi.
In the span of eight years, MoviePass went from being the fastest-growing subscription service since Spotify to total bankruptcy, losing over $150 million in 2017 alone.
MoviePass, MovieCrash chronicles the company’s beginnings as an innovative movie ticketing model beloved by moviegoers, exploring the visionary mission of its entrepreneurial co-founders, its early successes, and its decline caused by mismanagement and corporate greed.
MoviePass offered access to movie tickets at a discounted monthly subscription rate. In 2017, with a “too good to be true” promotional deal of $9.95 a month, subscriptions exploded, the company’s stock soared, and investors rushed to get in on the venture. However, under the leadership of Lowe and Farnsworth, with a fundamentally unsustainable business model, the company abruptly closed in 2019.
In November 2022, Lowe and Farnsworth were indicted on securities fraud charges for allegedly misleading investors about the company’s business model and sustainability.
Another former executive, Khalid Itum, was found guilty in February 2024 of embezzling at least $260,000 from the subscription service and its parent company, Helios & Matheson Analytics, to repay debts incurred for the production of a marketing event at the Coachella music festival in 2018. was revived in 2023 by Spikes, who now serves as CEO.
MoviePass, MovieCrash features exclusive interviews with MoviePass co-founders Spikes and Watt, MoviePass board member Chris Kelly, former MoviePass CEO Lowe, Business Insider reporters Nathan McAlone and Jason Guerrasio, former FTC director Daniel Kaufman , as well as financial analysts, retail investors, and former MoviePass employees and subscribers.
Check out the trailer below and watch MoviePass, MovieCrash when it premieres Wednesday, May 29 at 9pm ET/PT on HBO and MAX.
via: Variety
by Jessica Fisher
Source: Geek Tyrant
Lloyd Grunewald is an author at “The Fashion Vibes”. He is a talented writer who focuses on bringing the latest entertainment-related news to his readers. With a deep understanding of the entertainment industry and a passion for writing, Lloyd delivers engaging articles that keep his readers informed and entertained.
