BREAKING NEWS Benton County downgraded to high risk ahead of new COVID-19 rules Full Story
STREAMING NOW: Watch Now

MoviePass, AMC, and the future of movie going

No one knows how long MoviePass will survive. What we do know: movie subscription services like AMC Stubs A-List are on the rise. CNN's Frank Pallotta talks to the companies' CEOs to find out why.

Posted: Aug 15, 2018 12:10 PM
Updated: Aug 15, 2018 12:19 PM

Losses are mounting and cash is running short at MoviePass.

Helios and Matheson, the owner of the subscription movie service, posted a $126.6 million loss in the second quarter, dwarfing its $2.7 million loss in the year ago period. It lost $132.47 a share.

The company burned through $27 million in cash in the quarter, leaving it with cash reserves of only $15.5 million on its balance sheet. Helios and Matheson once again warned that "without raising additional capital, there is substantial doubt about the company's ability to continue as a going concern."

The company issued a statement earlier this month quoting Mark Twain that "Talk of our demise is greatly exaggerated." It said it was only "going through a rough patch not unlike what other disruptive enterprises experienced in their early day."

MoviePass has recently tried a number of different tactics to stay solvent. It temporarily raised its prices and limited access to some blockbuster movies. It later changed its subscription plan to limit members to three movies a month.

The company recently had a reverse 250-to-1 stock split in an effort to raise its price and avoid being delisted from the Nasdaq. But the stock has continued to plunge and closed Tuesday at 5 cents a share ahead of the latest financial results. The stock continued to fall in premarket trading Wednesday.

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 75431

Reported Deaths: 912
CountyCasesDeaths
Multnomah17556239
Washington10554102
Marion9370142
Clackamas639577
Umatilla438449
Lane436843
Jackson387931
Deschutes242215
Malheur240844
Yamhill175616
Linn144023
Polk127516
Douglas96118
Klamath8734
Jefferson84311
Benton8007
Union7886
Morrow6597
Lincoln62515
Josephine5574
Wasco53219
Columbia5203
Coos4303
Hood River4021
Clatsop3610
Baker2833
Crook2336
Curry1372
Grant1341
Lake1331
Tillamook1330
Harney1001
Wallowa713
Gilliam230
Sherman230
Wheeler30
Unassigned00
Eugene
Overcast
39° wxIcon
Hi: 39° Lo: 28°
Feels Like: 32°
Corvallis
Clear
45° wxIcon
Hi: 44° Lo: 29°
Feels Like: 45°
Roseburg
Overcast
40° wxIcon
Hi: 41° Lo: 30°
Feels Like: 40°
North Bend
Clear
49° wxIcon
Hi: 52° Lo: 35°
Feels Like: 45°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events