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MoviePass crashed because it ran out of money

July 27, 2018

MoviePass faced a service outage on Thursday when the company couldn’t afford to pay for users’ movie tickets, CBS reports.

Parent company Helios and Matheson missed a payment to one of the companies helping finance its outrageous model. The app has been down ever since.

Helios and Matheson borrowed $5 million in cash on Friday to pay back its fulfillment provider and get the service up and running again, but at press time the app was still down.

Image: mashable/proma khosla

Helios and Matheson stock plummeted after the service outage to $3.58 per stock, or nearly half of its previous standing. The number of stocks was increased earlier in the week to help boost it. Read more…

More about Entertainment, Movies, Moviepass, Entertainment, and Movies Tv Shows
Source: Mashable | MoviePass crashed because it ran out of money

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