More trouble for MoviePass, as now, a board member has resigned. Carl Schramm, says that the management within the company has prevented him from performing his duties as a board member. Below is an excerpt from a resignation letter Schramm wrote to the company CEO, Theodore Farnsworth.
“These and other actions have interfered with my ability to execute my responsibilities as a board member. Taken together, they confirm that, despite my best efforts, my ability to effectively discharge my duties as a director have been compromised beyond repair.”
However, Moviepass denied Schramm’s claims in a statement:
“The board and committees of which Mr. Schramm was a member have met at least 25 times at duly convened meetings thus far in 2018. And the company firmly believes that it has kept the board fully informed and has provided all information needed for board members to exercise their responsibilities.”
MoviePass hasn’t been fairing well lately, the company that once offered a theater subscription deal that seemed too good to be true has had some trouble of the last few months, significantly changing the services they offer, drastically reducing the number of movies a subscriber could see from one movie per day, to just three per month, and it turn limiting the number of available movies to watch as a whole. They also at one time considered raising their prices, but walked that idea back. I think the overall idea of a theater subscription service is a good idea, I just don’t understand how the company planned to make a profit with the model it initially started with.
Do you think MoviePass will pull out this nosedive? Let us know in the comments down below!
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