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MoviePass says all is well. Even some of its customers are skeptical.

Added 04-27-18 02:02:02pm EST - “MoviePass customers have been disgruntled by the app, but the company's outlook remains positive, the New York Times reports.” - Cnbc.com


Posted By TheNewsCommenter: From Cnbc.com: “MoviePass says all is well. Even some of its customers are skeptical.”. Below is an excerpt from the article.

Furious customers have flooded social media sites with complaints about abrupt, unexplained shifts in service and marathon waits for membership cards. Technology glitches have caused headaches. And then there is an auditor's report that expressed "substantial doubt about its ability to continue as a going concern."

But the men behind MoviePass, a cut-rate, subscription-based service for movie theater tickets, arrived at a film industry convention here this week with a sunny message that many theater owners — and even some MoviePass customers — have a hard time believing: Everything is handled.

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"I'm not worried about the viability of MoviePass at all," said Ted Farnsworth, chief executive of Helios and Matheson Analytics, which owns 92 percent of the service, with Verizon holding the balance. "Our customer service has dramatically improved, we've worked out the little bugs with the technology and we have plenty of money to get through the next year."

But what about the disclosure by Helios in a Securities and Exchange Commission filing last week that auditors, citing mounting losses associated with MoviePass, doubted its ability to remain in business? A smiling Mr. Farnsworth, sitting in a suite at Caesars Palace, waved away that revelation as nothing more than routine, pro forma stuff.


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