Sinemia Has Gone Bankrupt

benjamin on 27/04/2019 - 13:24

https://www.businessinsider.com.au/moviepass-rival-sinemia-f…

"On Thursday, the MoviePass competitor Sinemia filed for bankruptcy in Delaware and said in the filing that it was under “pending” investigation by the Federal Trade Commission (FTC).

“We didn’t see a path to sustainability as an independent movie ticket subscription service in the face of competition from movie theatres as they build their own subscriptions,” the movie-ticket subscription service said in a statement posted to its website on Thursday that explained its decision to shut down US operations.

Sinemia said its “efforts to cover the cost of unexpected legal proceedings and raise the funds required to continue operations have not been sufficient.”

Lucky i checked, was just about to renew my annual subscription…

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Comments

  • mskeggs on 27/04/2019 - 13:41
    +7

    Unbelievable! How could you go bankrupt selling things for less than you pay for them?

    • [Deactivated] on 27/04/2019 - 15:09

      Sinemia said its “efforts to cover the cost of unexpected legal proceedings and raise the funds required to continue operations have not been sufficient.”

      Sinemia’s Chapter 7 bankruptcy filing references multiple “pending” cases against it, including two class-action lawsuits and a patent-infringement lawsuit brought by MoviePass.

      Lawyers ain't cheap!

  • josho9 on 28/04/2019 - 11:11
    +1

    Looks like the last few months have been an exit scam - selling higher priced subscriptions paid annually in advance, demanding photo ID etc.

  • SnowDragon on 29/04/2019 - 08:36
    +1

    I ended up coming out on top overall. Paid about $160 for an annual pass with 2x2 tickets a month.

    Sinemia shows I saw 15 movies, but I probably saw another 3 before it started tracking what I was seeing.

    I purposely purchased the full adult ticket price ($19) to gain those Village Rewards points. So in total I probably cost Sinemia $540.

    Just lucky I got in early I guess.

  • snoopydoop on 29/04/2019 - 11:40

    I signed up about 15 months ago. I was really stoked on the concept, and excited to be a customer.

    Unfortunately the card they sent me wouldn't work, not matter what I tried - and their support took literal months to respond to my queries about it. (Queries turned into requests for refunds - had to ask for a charge-back from my bank)

    I know people on here were talking about workarounds to make it work when they launched their 'cardless' system - but the average consumer isn't going to want to jump through hoops to make something they paid for actually function.

    The concept definitely has legs - but the business model can't be "hoping people sign up and are unable to use the service, and forget to cancel their subscription".

    I'll be the first to sign up when a competitor comes and does this concept right. Will be hard for companies to get funding with the only example being in Australia this dodgy company.

  • josho9 on 29/04/2019 - 13:07

    I requested a partial chargeback for the rest of my annual subscription term and Amex auto approved the chargeback. Suggest anyone else who had an annual subscription charge back asap to recover (noting the are time limits for charge backs).

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