In a statement sent to MoviePass subscribers the service said:
This comes just over a week after MoviePass’s parent company announced they are spinning the service off into its own company. The former parent company HMNY is an analytics company that hoped to use movie pass to gather data about the movie industry that they could use to leverage targeted adverting.
“For many years, HMNY has been focused on data analytics, and in that capacity we own assets like Zone Technologies which provides a safety and navigation app for iOS and Android users and a global security concierge service. Since we acquired control of MoviePass in December 2017, HMNY largely has become synonymous with MoviePass in the public’s eye, leading us to believe that our shareholders and the market perception of HMNY might benefit from separating our movie-related assets from the rest of our company,” said Ted Farnsworth, Chairman and Chief Executive Officer of HMNY.
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