MoviePass has suffered another loss.
According to Variety, the subscription-based ticketing service has parted ways with Chief Product Officer Mike Berkeley. MoviePass hired the industry vet, who previously worked at companies like Spotify, Viacom, and Comcast, back in March, with the intention of improving its product strategies as well as customer experience.
“MoviePass is one of the most exciting companies to emerge in the entertainment industry in recent years,” Berkley said in a statement earlier this year. “Just as Netflix has ushered in a renaissance for TV, MoviePass is on the path to do the same for theatrical movies.”
Though Berkley confirmed he was no longer with the company, he declined to provide details about his departure. His exit was reported just months after another MoviePass executive, Chief Marketing Officer Natasha Muller, left her post in May.
The ticketing company is now facing mounting financial issues as it attempts to find a profitable model. Since its launch in 2011, MoviePass has rolled out various pricing and service structures, the most popular of which came in 2017, when it began offering a one-movie-a-day plan for only $9.95 a month. The cash-strapped business saw its stock plummet nearly 50 percent earlier this summer as more dissatisfied customers began canceling their subscriptions. And on top of all that, MoviePass is also facing a lawsuit from its investors, who claim the company provided misleading information about its sustainability and prospects.
