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MoviePass Over-Reported $6.6 Million in Q3 2018 Subscription Revenue

Dana E. Neuts, Subscription Insider March 21, 2019
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Tags: Financial Performance & Reporting Business Operations & IT Building Subscription Products Subscription Sales Consumer (B2C) App Subscription Auto-renew Subscription

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Company tells SEC financial reports for that period “cannot be relied upon.”

MoviePass parent company Helios & Matheson Analytics Inc. admitted in a Securities and Exchange Commission filing last week that they erroneously reported subscription revenue in their third quarter of 2018, for the period ended September 30, 2018. MoviePass reported $5.9 million in revenue from suspended subscriptions from subscribers who had not yet re-upped, as well as $700,000 in subscription revenue that Costco refunded to subscribers who had terminated their MoviePass movie subscriptions.

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