MoviePass said on Wednesday that executive vice president Khalid Itum has resigned from the movie-going subscription service just three months after the company announced he had taken over the role.The company said on Wednesday that in addition to Itum, several other individuals would be leaving and, or transitioning as the company tries to transform its business and change its fortunes. There was no pressure for Itum to leave the company, an individual close to MoviePass said.“As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films,” the company said in a statement. “This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits. Mitch Lowe will assume all of Itum’s roles and responsibilities, effective March 15. Several roles and individuals within MoviePass, including Joey Adarkway and Jake Peterson, are transitioning from full time employees to contracted consulting roles based on this directional shift.”Also Read: MoviePass to Shift Business Model to Focus on its Own FilmsMoviePass announced Itum had been appointed as executive vice president on Dec. 3, though he served in the role for roughly three months leading up to that. Itum was tasked with managing day-to-day operations at MoviePass. He was meant to work closely with MoviePass CEO Mitch Lowe and Ted Farnsworth, CEO of MoviePass’s parent company, Helios and Matheson Analytics Inc, to spearhead company development and drive its exhibition and distribution strategies forward.His appointment was initially meant for Lowe to be able to step back from the day-to-day and take a more overall, strategic approach. Before taking over as executive vice president, Itum had served as vice president of business development.Itum’s departure comes as MoviePass attempts to retool its business and regain its footing following a tumultuous year in which the company burned hundreds of millions of dollars, frustrated members with continuous changes to subscriptions and watched its stock fall and stay below $1.Also Read: MoviePass Owner Over-Reports Subscriber Revenue for Q3 2018, Suffers $147 Million in Net LossesLast week, MoviePass announced that in an effort to shore up finances it would shift to a new business model it says will prioritize self-generated revenue instead of reliance on earnings from exhibitors and studios.The plan, MoviePass said, would be to forge “a much more interconnected” relationship between the company’s monthly movie theater subscription service and the film production business it launched last year, MoviePass Films. The company will make the films it produces available to MoviePass subscribers, which it hopes will both increase the film’s box office potential, and lead to an expansion of the subscription service itself.In a filing with the Securities and Exchange Commission on Tuesday, Helios and Matheson said it had over-reported revenue from subscribers in its third-quarter earnings report. The company said it had fewer subscribers than it initially thought.Business Insider first reported the news.Read original story Top MoviePass Executive Khalid Itum Resigns From Cinema Subscription Company At TheWrap
The lowest tier, “Select,” allows subscriber to see up to three movies per month, at some point during a film’s theatrical run, excluding 3D films. And like current MoviePass plans now, which films are available at any given moment is subject to change. But depending on where you live, it could turn out to be a worse deal than the current plan. People living in small markets will pay $10 a month for “Select.” Mid-size market subscribers will pay $13 per month. And people living in the largest markets will pay $15 per month.
The next tier, “All Access,” lets subscribers see any three films per month, at any time during the film’s run. So you won’t have to wait and see if the latest Marvel film happens to be on your list. However, these subscribers will also be restricted to 2D screenings. For this plan, small market subscribers will pay $15, mid-size market customers $18, and big city customers $20.
Finally, the priciest tier, “Red Carpet,” offers the same films as “All Access,” but with the added bonus of being able to see IMAX and 3D films as well as 2D. For that, you’ll pay $20 in small markets, $22 in middle markets, and $25 in major markets.
The changes come just three weeks after MoviePass’s parent company, data firm Helios and Matheson Analytics, reported that it lost $137.2 million in the third quarter of 2018.
38,398 people played the daily Crossword recently. Can you solve it faster than others?38,398 people played the daily Crossword recently. Can you solve it faster than others?
