MoviePass stock has plummetted to 5 cents a share.

[Zephyrs]

https://money.cnn.com/2018/08/15/news/companies/moviepass-losses-mount/index.html

This comes after a reverse 250 to 1 split. That means they merged every 250 shares into 1 to prevent it from being delisted from various stock exchanges. Last fall 250 shares peaked at around $9700. At the bottom of 3 cents, that's over a 300,000 fold decrease.

[Mr. Someguy]

I mean it was a neat idea for a business but they had no idea how to keep it going.

[Unclejimmema]

The had an idea, but that became completely moot once GDPR in the EU kicked in and Facebook's BS here in the US caused everyone to freak out about personal data. The movie ticket thing was going to be lead loss, with the real profits coming from selling customer data to various advertisers and firms.

[frog]

Well now I'm just glad I never signed up

[Mr. Someguy]

Be gladder you didn't invest. Sounds like people lost a ton of money.

[Thelurker1234]

You would have to be pretty foolish to have put a LOT of money in this though, they probably expected it to be a gamble.

[BryBreadmin]

Selling anonymous data on what movies people watch is pretty inoffensive compared to the shit we agree to in order to have Facebook, Twitter, and other social media accounts.

[lordcrypto]

and they lost the moment theater chains realized they could offer the same deal without losing any money really (since they don't make money on tickets anyways)

[Raidyr]

Honestly I assume everything I sign up for is sharing some kind of data
Even calling it a gamble seems generous. I was one of the first adopters who was subscribed all the way until two days ago and even I'm surprised it's lasted this long. They were essentially giving people dollar bills while charging 75 cents.

[Zephyrs]

Their mistake was assuming that they could operate the service like a gym membership. IE, charge people a low fee for a service they will never use. Turns out that's not a good idea when your service involves something that most people don't consider to be a chore.

If you look at how moviepass has changed their terms they have consistently tried to make their service more and more obnoxious to use. Restricted film lists, peak hour surcharges, obnoxiously difficult to cancel your subscription, etc. They wanted it to be a chore so that people would pay for the percieved 'value' but be unable to ever fully utilize it. The latest bit with only being able to see certain films on certain days was possibly some executive trying to show hollywood that they could manipulate which films are successful, which spoiler alert, didn't work. You can't force enough people to go see a shit film like slenderman to actually make a major dent in the box office success.