经济学人下载:电影商业:MoviePass的金融恐怖秀(1)

Even by the standards of Hollywood, it sounds an unlikely pitch-an app that offers almost unlimited access to cinemas for $10 a month.
每月仅需10美元就能让你在电影院里无限制观看电影，即使是按照好莱坞的标准，这似乎也是不可能的。

The service, called MoviePass, pays cinemas full price for nearly every ticket that filmgoers use.
这项被称为MoviePass的服务向电影院支付每位观影者的全额电影票。

By design, it loses more money the more people use it. The ending seems to be predictable. But might it have a twist?
MoviePass损失越多，其用户就越多。这项服务的结局似乎可以预言。但会不会出现反转呢？

MoviePass has burned far more cash even than its executives anticipated since introducing the unlimited plan in August last year.
自去年8月引入无限制观影计划后，MoviePass烧的钱比预期多得多。

It has attracted more than 3m subscribers and will lose "at least" $45m this month,
根据Helios & Matheson公司于7月10日向美国证券交易委员会提交的文件，

according to a filing to the Securities & Exchange Commission on July 10th by Helios & Matheson,
本月MoviePass已经吸引超过三百万注册用户，其将损失“至少”4500万美元，

a data firm which bought a majority stake in MoviePass last year and now owns 92% of it.
Helios & Matheson是一家数据公司，该公司在去年买下了MoviePass大部分股权，现已拥有MoviePass92%股权。

Helios & Matheson reported it had lost $242m in the nine months to June 30th
Helios & Matheson报告称至6月30日起的9个月内，其已损失2.42亿美元

and that its monthly losses would increase as the service becomes more popular.
公司月度损失将随着该项服务的火爆而增加。

The firm wants to issue more shares and warrants to stay afloat,
该公司希望增发股票和认股证以维持下去，

but that could be a hard sell considering that its share price has collapsed from $32.90 on October 11th to l8 cents.
但是考虑到其股价从10月11日的32.9美元暴跌至18美分，这一行为可能是强行推销。

Yet MoviePass does have imitators.
而确实还有一些公司在模仿MoviePass。

In June AMC Theatres, America's largest chain of cinemas, introduced a similar programme but priced at $20 per month,
6月美国最大连锁电影院—AMC电影院推出了类似的项目，但定价为每月20美元，

a model which may be prove to be more sustainable since the higher price limits the downside risk.
由于更高的价格可以限制下跌风险，AMC电影院的这一项目模式或许可以长存。

The reason to look afresh at cinema subscriptions is that the old model is struggling.
重新审视电影院订阅的原因在于老式的模式正在苦苦挣扎。

Film-going in America and Canada declined by 30% on a per-person basis between 2002 and 2017.
按每人为基数进行计算，2002年至2017年间，美国和加拿大的电影院观影者下降30%。

Cinema chains have relied instead on sprucing up theatres and jacking up prices-to $9.16 per ticket this year, and even higher in big cities.
今年，电影院连锁店依靠打造豪华影院和将电影票涨到9.16美元（在大城市可能更高）来维持。

Only 12% of Americans and Canadians go to the cinema frequently (meaning once or more a month);
仅有12%的美国人和加拿大人经常去电影院看电影（一个月一次或多次）；

these dedicated film-goers account for about half of all tickets sold.
这些专门去电影院看电影的爱好者约占全部售票的一半。