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MoviePass Inc., the discount film-subscription service rocked by heavy losses, is changing direction once again.
The company plans to rely more on movies it produces itself, reducing its dependence on studios and theater chains. MoviePass will be working with a production company owned by its parent, Helios & Matheson Analytics Inc., and promoting the effort with its Moviefone arm.
It’s unclear how the changes will affect current MoviePass subscribers — or how soon — but its original model proved unsustainable. The company racked up losses by letting subscribers see a movie every day for $9.95 a month, an offer that millions of Americans took advantage of.
The company has retooled the service a number of times, but hasn’t found a winning formula. Helios & Matheson was delisted from the Nasdaq last month, and a competing subscription service from AMC Entertainment Holdings Inc. is further eroding MoviePass’s market share.
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