MoviePass is a ticket subscription service for movie theaters. You pay one fee a month — $10 right at the moment, although that’s changing — and you can see a movie a day. August of last year, they decided that they would drastically reduce prices to boost membership drastically. It became too popular too quickly, and so they haven’t had the money to pay for all of those tickets. Their concept was that more people would pay than go. They say that they’re profitable on about 88 percent of their customers. The problem though, are that they have some very rabid moviegoers. In New York, let’s say, a ticket costs $16. I go to a movie every day and I’m only paying $10. Yet MoviePass is paying full price for all of those tickets to the theater owners. You can see why their bank account is just going down, down, down. The C.E.O. told me in April, “We wanted to get too big to ignore,” so they could force discounts from theater owners and say, “Hey, we have all this data on who’s going to movies. Pay us for that information — we’ll give it to you.” But studios are terrified that people will come to expect $10 a month movie-a-day experience. There’s has been a bit of old-fashioned hubris. Just moving too fast, too quickly. “MoviePass is dying.” “MoviePass, the dream is over.” “How am I going to keep this up?” They weren’t capitalized enough to make their plans work out. But more people are going to movies, especially if there’s a movie that they’re not quite sure that it’s going to make sense for them. It takes out the risk and for indie movies and arthouse movies they’ve seen a big bump from MoviePass.