If there has been one person who has managed to remain bullish, even outright cocky at times throughout the very public ups and downs of the movie ticketing service MoviePass, it has been CEO Mitch Lowe.
When headlines were dire, Lowe continued to speak about his ambitious plans for the service and brand. Recently however, he has admitted to The Ringer that the company made some mistakes along the way:
“We made a ton of mistakes. The hard part for me is how much we’ve had to learn from our own mistakes last year. The primary one: growing too [fast]. You would never think that growing too fast is a thing, but it really is.”
Oddly Lowe doesn’t think charging $10 for unlimited movies was the biggest miscalculation, rather the inability to cope with the immediate effect that such a bargain had was the cause – 50,000 subscriptions were sold on the first day, a number that tripled in under a week and resulted in issues such as the delay of people getting their MoviePass cards:
“I was talking to our CTO and he said, ‘By the way, you know we can only ship about 35,000 to 50,000 cards a week, right?’ I said, ‘Yeah, I know that, but shouldn’t we be able to call MasterCard and increase that?’ The answer was no.”
MoviePass is now adopting a new model and a more humble approach, but it may be too little too late.