MoviePass honchos Mitch Lowe and Ted Farnsworth are still trying to break the moviegoing business model.
So far, though, The Street is about as horrified as actor Macaulay Culkin was in “Home Alone.”
Lowe and Farnsworth’s dream began a year when Helios and Matheson-owned company shook the cinema biz with a $9.95-a-month, movie-a-day subscription service.
Once a sleepy company with nine employees and 20,000 subscribers, MoviePass quickly ballooned into a 3 million-subscriber behemoth.
But as it footed the bill for all those movie tickets, MoviePass burned through more than $300 million in cash. One year later, its stock is virtually worthless — and now its very existence is threatened as it slashes services and desperately searches for new investors.
Here’s the yearlong storyline — a cautionary tale for investors if there ever was one:
Aug. 15, 2017:
Monthly all-you-can-see pass slashed to $9.95.
Nov. 17, 2017:
Pay a year up front for $6.95 monthly pass.
Feb. 8, 2018:
2 millionth subscriber signs up.
May 8, 2018:
Farnsworth tells The Post he is “not worried about the cash burn at all.”
June 15, 2018:
MoviePass-backed “Gotti,” starring John Travolta, scores 0 percent rating on Rotten Tomatoes.
July 24, 2018:
H&M announces 1-for-250 reverse stock split.
July 31, 2018:
“Any theater. Any movie. Any day.” promise pulled from website.
Aug 14, 2018:
Five-cent flatline stirs end-of-days stories.
