How MoviePass’s Former Chairman Plans to Save the Floundering Company

“We made the company a household name in two years and we disrupted the industry,” Farnsworth said in an interview with. “We put hundreds of millions of dollars into the company, and I don’t want to just cut our losses.”

Even though the math seemingly never worked, Farnsworth insists that the $9.95 pricing wasn’t the company’s big problem. It was fraud on the part of its subscribers, who used the app to buy tickets that they later resold or who shared their subscription with friends and family members, according to the exec.

“Maybe I’m not the right one to revive it, but I’m willing to put in more money,” said Farnsworth. “I wouldn’t do that if I didn’t believe in it.” Farnsworth said that if he is successful he will invest in improving the technology and will hire people to help relaunch the brand.

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The CEO of MoviePass' parent company has stepped down and is trying to buy the movie-ticket subscription service, which shut down SaturdayThe CEO of MoviePass' parent company has stepped down and is trying to buy the movie-ticket service, which shut down Saturday
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