Save this article to read it later.
Find this story in your accountsSaved for Latersection.
An independent auditor expressed substantial doubt about the companys ability to remain in business.
They say theyve got all this data and they can use it for advertising movies.
Were doing all this stuff.
Well, not really!
That does not inspire confidence.
We have to be protective of that data and whats done with it.
Then theres MoviePasss larger beef with the film exhibition community.
And I said, Both of those are wrong, he continued.
What we intend to do is re-energize people to go back to the movies.
If you want to share some portion of your increased profit with us, you help ensure our success.
We dont do well if you dont do well.
And they all, every single one of them, left here asking me to send them a contract.
Since day one, people have been saying well run out of money, Farnsworth said.
I assure you capital is not an issue.
They know theyre looking at an Uber or an Airbnb.
This is a unicorn company.
So the trick is getting our average down to a little over one.
But how to get that average down remains nebulous.
And precisely none of these efforts is a quick or easy fix.
Were very happy with our attendance.
But we do have seats that are available.
Just like an airline, were happy to fill those seats, Schultz says.
As long as MoviePass is truly building incremental sales, were ecstatic about it!
But thats not even really the value.
The value is when you create a habit and get people going to movies three-plus times a month.
It really encourages people to explore content.
Which I think is where the magic can happen.
In March, however, Lowe triggered new concerns about MoviePasss possible big-data ulterior motives.
We get an enormous amount of information, he said.
We watch how you drive home from the movies … we watch where you go afterwards.
We never were going to make our data available to others.
Heres what were collecting.
Heres what were doing with it.
And you always have the opt out: Dont use our service.
Youve told us where youre going to go to the theater.
Because we have all this free runway to build the business.
And suddenly, people are going to turn around and go, Holy crap, look what theyve done!
These guys are unstoppable now.
And no one tried to create a competitor.
