Here's the latest in MoviePass news.
MoviePass suffers another blow as it Chief Product Officer has left the company.
As reported by Variety, CPO Mike Berkeley, an industry vet known for previous stints at Spotify, Viacom, Comcast and the like, has parted ways with the company atfer being brought on back in March to assist in the improvement of product strategies and customer experience.
“MoviePass is one of the most exciting companies to emerge in the entertainment industry in recent years,” Berkley said earlier this year when he joined the subscription-based movie ticketing service. “Just as Netflix has ushered in a renaissance for TV, MoviePass is on the path to do the same for theatrical movies.”
According to the publication both Berkeley and MoviePass confirmed his departure without offering up any further details on the matter. His exit arrives just a few months afterthe company's Chief Marketing Officer, Natasha Muller left back in May. It's only the latest in a slew of issues plaguing the company whose waning financial issues have been in the public scope for some time.
Originally offering a plan of $9.95 a month in which users could watch one movie per day, the service has continually rearranged its infrastructure in an effort to bounce back from financial losses. This summer alone, the company's stock went down by nearly 50 percent after more customers cancelled subscriptions due to changes to terms and conditions while investors have also filed a lawsuit against the company with the plaintiffs alleging that the company offered misleading information in regard to its products and its sustainiblity.