Lowe has always said his main focus has been helping Independent filmmakers. Shunting the big studio big budget films makes sense, but is it sustainable? Maybe …it depends on how it is implemented and how well independent studios play along. If they offer some kind of revenue sharing to Moviepass it could make sense for a smaller more sustaining MP.
A move such as this would make the entire $9.99 experiment look very unfortunate- as if they wanted to start on the low end and slowly work their way up toward premium films and formats – it would have made way way way more sense to build her subscription base up that way in the first place. Now instead of looking like a force of nature coming up from below, Moviepass looks like a wounded duck looking for a good reason to exist.
That said, I would keep my MP subscription gladly if the selection of independent films was rich and I could also get the occasional blockbuster later in the film’s theatrical release.
Maybe they can hash out a way to survive. I am not talking about a stock worth buying here. But who knows, maybe they survive to fight another day?
Certainly Farnsworth lied about money being of no concern for MP. As it now appears money is THE ONLY concern at MP. Farnsworth has said multiple times that they had a backer who was willing to go “all the way” with MP as long as the kept growing. That has also apparently turned out to be a total fabrication.
Of course it’s now impossible to believe anything MP management has said in the past. Including their line that the service would BE at 5M subs. We may never know if 5M subs was the magic number now that the subscription seems to be getting totally reworked.
The demand for an “independent film” pass is surely going to be different than the old MP value proposition of any movie once a day. I also think heavy users may be more attracted to that type of offering. Real movie buffs, not casual moviegoers who MP needs.
Impossible to recommend HMNY stock here I do hope they survive to fight another day, but there’s just no plan that anyone can understand now.