It also seems like the company's restrictions on memberships have helped achieve MoviePass' counterintuitive goal: its customers aren't heading to movies that often anymore. Speaking at TheGrill 2018 conference, the CEO of the company's owner Helios & Matheson Ted Farnsworth said that "people are going to less than one movie a month."

Farnsworth ruled out the possibility of bankruptcy and revealed that the company secured the fresh funding in September but didn't disclose the investors and terms of the deal. "We're doing M&A, we're looking at all kinds of acquisitions at any given time and we'll grow the company that way and I think you'll see over the next few weeks," he added.

According to Farnsworth, MoviePass is currently looking for ways to diversify its business model. The possibilities include co-acquisition of indie movies and monetizing the company's subscriber base through targeted marketing efforts.