As the summer of MoviePass quickly turned into the bummer of MoviePass, the company has been trying all manner of Hail Marys to keep the dream alive. And while the movie ticket startup has been burning through cash like crazy, securing funding apparently hasn’t been an issue.
This week, MoviePass’ parent company Helios & Matheson secured an additional $63 million in funding. MoviePass has since confirmed the funding with TechCrunch, but won’t go into any additional details regarding what it plans to do with the money.
Helios & Matheson CEO Ted Farnsworth was a bit more open — if not particularly specific — about what all this means. “We’re still here, and we’re not going anywhere,” he told The Wrap. “We’re doing M&A, we’re looking at all kinds of acquisitions at any given time and we’ll grow the company that way and I think you’ll see over the next few weeks.”
In the short term, at least, that means keeping the lights on over at MoviePass, as the service adjusts plans and expectations in hopes of retaining customers and becoming profitable. It’s a pretty massive mountain to climb, given how the product was positioned at the height of its powers.
“[T]echnically subscription alone right now is doing just fine, now it’s tacking on all the other things on top of it,” Farnsworth said. “What we’re doing now is we’re proving out our model.”
The plan includes creating original content in the vein of Netflix, though the company’s first acquisition, Gotti, wasn’t exactly an auspicious beginning for those grand plans.