MoviePass temporarily ran out of money, borrows cash to resume services.

Going to the movies is an American past-time. During the summer, it's a great way to beat the heat and hang out with friends. In the past, people had to wait in line to purchase tickets to watch the big blockbusters on the big screen. Fast forward to present day, and we have services such as MoviePass, a subscription-based movie ticketing program. This program allows subscribers to buy one movie ticket per day for a monthly fee. If you are a frequent moviegoer, this program is a dream come true.

Unfortunately, for subscribers, the program turned into a nightmare when the program ran out of money (MoviePass moviegoers were unable to check into movies on July 26). The service was still interrupted as of Friday morning.

The owners of MoviePass, Helios and Matheson Analytics, disclosed that it borrowed $5 million in cash from Hudson Bay Capital Management to resume services.

According to MoviePass' Twitter account, subscribers were still having issues as of Saturday night. Subscribers has difficulty with "card-based check-ins." MoviePass mentioned that the glitch is being worked on, and that e-ticketing is "fully functional."

Readers: Do you use MoviePass? Have you had any issues this week? Let me know in the comments below.

source:www.businessinsider.com/moviepass-outage-caused-by-company-temporarily-running-out-of-cash-2018-7

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