MoviePass Exec Khalid Itum Exits Company
The executive vp has turned day-to-day operations over to CEO Mitch Lowe.
Embattled MoviePass has lost Khalid Itum, the executive vp who assumed day-to-day control of the movie subscription service in November.
"As previously stated, MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films," the company said Wednesday in a statement, adding, "This strategic shift has been accompanied by changes within the company. Khalid Itum will be leaving MoviePass to pursue his entrepreneurial and travel pursuits."
Itum's departure follows MoviePass parent Helios and Matheson Analytics on Tuesday reporting the money-losing subscription service had fewer subscribers than previously disclosed, causing the firm to restate its revenue downward by 8.2 percent and its losses upward by 7.7 percent.
CEO Mitch Lowe will take over Itum's responsibilities. MoviePass was a sensation for a brief time when it offered a movie ticket a day for just $10 a month, though the service proved unsustainable as it was purchasing most of the tickets for full price.
MoviePass has changed prices and rules many times in the past couple of years, and the pioneer of the movie-subscription business has a lot more competition than before as theater chains have created their own services.
Itum's departure was first reported by Business Insider.