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MoviePass exec steps down after three months

MoviePass executive vice-president Khalid Itum has stepped down after just three months in the role.

Itum had been managing the long-struggling movie ticketing firm’s day-to-day operations since November, overseen by chief executive Mitch Lowe.

“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, adding that Itum had left to “pursue his entrepreneurial and travel pursuits.”

Itum previously spent three years advising the North American cinema ticket subscription service on business strategy and capital formation, before joining in a full-time capacity.

MoviePass announced late last year that it would introduce a new pricing model and management restructure as it seeks to bounce back from a troubled year.

The movie subscription firm sought to disrupt the ticketing market by unveiling a strategy in August 2017 that allowed customers to see a movie a day in cinemas, including new releases, on an annual basis for a fee of $10 (£7.90/€8.76) per month.

However, with subscriber figures hitting three million within months, MoviePass has since been trying to restructure this model as it attempts to break even on the tickets it is selling. Since January 1, the firm started implementing a strategy offering three plans, each of which provide access to three films per month, or up to 36 per year.

Image: Pixabay