MoviePass Couldn’t Afford to Pay for Movie Tickets on Thursday

CNN Money:

Helios and Matheson, the parent company of the popular movie subscription service, said that it had a service outage on Thursday because it couldn’t afford to pay for movie tickets. The company borrowed $5 million in cash Friday to pay its merchant and fulfillment processors, according to a regulatory filing.

Helios and Matheson missed a payment to one of its fulfillment processors, and that contractor temporarily refused to process payments for MoviePass.

Next idea for Helios and Matheson: First CityWide Change Bank.

★ Friday, 27 July 2018