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MoviePass parent secures $6m in funding

Helios and Matheson Analytics has raised $6m (£4.5m/€5.3m) in a new round of financing to help improve MoviePass.

The parent company of the movie-subscription platform said it plans to use the net proceeds to accelerate MoviePass’ product development, “fine tune” its subscription technology, and increase MoviePass Films’ investment in new films.

“We are building the infrastructure, data and tools that we believe will power the next generation of MoviePass,” said Ted Farnsworth, chairman and chief executive of Helios.

“We believe this new funding will allow us to double down on our development of transformative technology, while fuelling our continued expansion. Our long-term vision is for MoviePass to be the nation’s most popular movie-theatre ticketing platform.”

Earlier this month, MoviePass executive vice-president Khalid Itum stepped down after just three months in the role. He had been managing the long-struggling movie ticketing firm’s day-to-day operations since November, overseen by chief executive Mitch Lowe.

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