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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.
The 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.
Moviepass has been aggressively attempting to curtail operating costs in the past few months. Last week, it announced that while the service will remain at $9.95 monthly instead of a previously announced $14.95 monthly, it will limit customers to seeing just three movies a month (this plan was previously offered at $7.95 a month). Today, customers are also reporting that they’ve been opt in to this new subscription plan despite requesting a cancellation amidst all the recent service changes. (Moviepass claims the cancellation error is the result of a “bug,” an explanation it’s used before when the app crashed after customers tried to cancel their subscriptions back in July.)
Helios & Matheson notes in the earnings report that it intends to — yet again — sell new shares to raise money to keep the Moviepass afloat. But at the current state of things, if you still have a Moviepass account, it might be time to cash in your last six movies.