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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former MoviePass Chairman Ted Farnsworth Trying to Buy Failing Subscription CompanyTed Farnsworth, the financier who helped set in motion MoviePass’s meteoric rise and precipitous fall, has submitted an offer to purchase the beleaguered subscription service and its parent c…
Source: Variety - 🏆 108. / 63 Read more »

MoviePass Gets Takeover Offer From Group Led by Former CEO of Parent CompanyThe bid from Ted Farnsworth and others, whose price tag wasn't unveiled, includes production arm MoviePass Films, film co-acquisition arm MoviePass Ventures, and Moviefone.
Source: THR - 🏆 411. / 53 Read more »

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
Source: BusinessInsider - 🏆 729. / 51 Read more »