Mitch Lowe
{{short description|American businessman}}
J. Mitchell Lowe (born 1951/1952){{Cite web |date=2022-11-04 |title=Former CEOs of MoviePass and Parent Company Charged in Securities Fraud Scheme |url=https://www.justice.gov/opa/pr/former-ceos-moviepass-and-parent-company-charged-securities-fraud-scheme |access-date=2022-11-06 |website=www.justice.gov |language=en}} is an American businessman known for his work in the video and rental industry.{{cite web |title=Meet MoviePass CEO Mitch Lowe, the guy upsetting the big movie theater chains |url=https://www.recode.net/2018/2/8/16987382/moviepass-amc-mitch-lowe-regal-cinemark-movie-theaters-profit-sharing-peter-kafka-media-podcast |website=Recode |accessdate=7 June 2018}} He was the CEO of MoviePass, a subscription service that charged members a monthly fee for movie tickets at cinemas. He has also served as an executive at Netflix and the president of Redbox.{{cite web |title=Mitch Lowe Keynote Speakers Bureau and Speaking Fees |url=https://www.bigspeak.com/speakers/mitch-lowe/ |website=BigSpeak Motivational Speakers Bureau: Keynote Speakers, Business Speakers and Celebrity Speakers |accessdate=7 June 2018}}
Career
Lowe was president of Video Droid from June 1984 to March 1998.{{cite web |title=Netflix Co-Founder and Former Redbox President Joins the Cantaloupe Systems Board of Directors - Cantaloupe Systems - Take Control. Get Cashless. Optimize Routes. Go Mobile. |url=https://www.cantaloupesys.com/about-us-mobile-cloud-vending-software/vms-news-room/netflix-cofounder-former-redbox-president-mitch-lowe-joins-board-of-directors |website=Cantaloupe Systems - Take Control. Get Cashless. Optimize Routes. Go Mobile. |accessdate=7 June 2018}}{{cite web |title=Mitch Lowe: 'The Business is Changing in Favor of Netflix' |url=https://www.adweek.com/digital/mitch-lowe-netflix-redbox/ |accessdate=7 June 2018}} Following Video Droid, Lowe was vice president of Business Development and Strategic Alliances for Netflix from March 1998 to January 2003.{{cite web |last1=Spangler |first1=Todd |title=Ex-Netflix Exec Mitch Lowe Takes Over as MoviePass CEO |url=https://variety.com/2016/digital/exec-shuffle-people-news/mitch-lowe-moviepass-ceo-1201805026/ |website=Variety |accessdate=7 June 2018 |date=28 June 2016}} Then, at McDonald's Corporation, Lowe was Senior Director and VP of Operations from May 2003 to December 2005.{{cite web |title=The 2 Principles of Startup Success Strategy According to MoviePass CEO Mitch Lowe |url=https://www.business2community.com/startups/2-principles-startup-success-strategy-according-moviepass-ceo-mitch-lowe-02013150 |website=Business 2 Community |accessdate=7 June 2018}} After McDonald's, Lowe worked at Redbox as Chief Operating Officer (2005 to 2009) and President (2009 to 2011).{{cite web |title=Redbox President Mitch Lowe to Depart |url=https://www.hollywoodreporter.com/news/redbox-president-mitch-lowe-depart-214003 |website=The Hollywood Reporter |accessdate=7 June 2018 |language=en}} After his tenure at Redbox, Lowe was the CEO of Quarterly Co. from September 2012 to July 2014.{{cite web |last1=McKinney |first1=Sarah |title=How Quarterly Is Taking Relationships Between Influencers And Fans Offline |url=https://www.forbes.com/sites/sarahmckinney/2014/02/10/how-startup-quarterly-is-creating-deeper-off-line-relationships-between-influencers-and-their-fans/#7af7f1c62b2d |website=Forbes |accessdate=7 June 2018 |language=en}}{{cite web |title=Quarterly Co. is back from the brink thanks to its new CEO, Netflix co-founder Mitch Lowe |url=https://pando.com/2013/06/18/quarterly-co-is-back-from-the-brink-thanks-to-its-new-ceo-netflix-co-founder-mitch-lowe/ |website=Pando |accessdate=7 June 2018 |language=en-gb |date=18 June 2013}}
From September 2011 to January 2016, he was a board member of the Charles Tillman Cornerstone Foundation, which helps children and families in need access needed opportunities and resources.{{cite web |title=Arts & Analytics Appoints Netflix Co-Founder Mitch Lowe to Its Advisory Board |url=http://www.marketwired.com/press-release/arts-analytics-appoints-netflix-co-founder-mitch-lowe-to-its-advisory-board-2054350.htm |website=Marketwired |accessdate=7 June 2018}} From August 2015 to April 2016, he was a board member of Alchemy, an independent distributor of film and television content in North America.{{cite web |title=Alchemy boosts board, hires strategy and planning exec |url=https://www.screendaily.com/alchemy-boosts-board-hires-strategy-and-planning-exec/5091339.article |website=Screen |accessdate=7 June 2018 |language=en}} From March 2015 to November 2017, he was also on the board of Cantaloupe Systems, a retail payments service provider that was acquired by USAT for over $80 million.{{cite web |title=Netflix Cofounder Mitch Lowe Joins Cantaloupe Systems' Board Of Directors {{!}} Articles {{!}} Vending Times |url=https://www.vendingtimes.com/articles/netflix-cofounder-mitch-lowe-joins-cantaloupe-syst-5625?iid=6E547D5B4A6644D481D3AFB2FDEB54C0 |website=www.vendingtimes.com |accessdate=7 June 2018}}
Lowe was named CEO of MoviePass in June 2016 and oversaw the growth of its userbase to more than 3 million subscribers.{{cite web |title=Let Them Watch Unlimited Movies: Mitch Lowe's Plan to Bring People Back to the Movie Theater for Just $10/ Month - BigSpeak Motivational Speakers Bureau: Keynote Speakers, Business Speakers and Celebrity Speakers |url=https://www.bigspeak.com/mitch-lowe-moviepass-netflix-cofounder/ |website=BigSpeak Motivational Speakers Bureau: Keynote Speakers, Business Speakers and Celebrity Speakers |accessdate=17 June 2018 |date=16 August 2017}}{{cite web |last1=Lang |first1=Brent |title=MoviePass to Experiment With New Pricing Models, CEO Says |url=https://variety.com/2016/film/news/moviepass-new-prices-netflix-mitch-lowe-1201806341/ |website=Variety |accessdate=17 June 2018 |date=1 July 2016}} However, the company's business model struggled, dropping to less than 300,000 subscribers in the end.{{cite web |last1=Crum |first1=Rex |title=It's a wrap for MoviePass: Subscription service to shut down Saturday |url=https://www.dailynews.com/2019/09/13/thats-a-wrap-for-moviepass-subscription-service-to-shut-down-saturday/ |website=Los Angeles Daily News |accessdate=13 September 2019}} Lowe instructed MoviePass employees to change user passwords to save money in July 2018 when it ran out of funds.{{Cite web|url=https://www.newsweek.com/moviepass-changed-subscribers-passwords-so-they-couldnt-see-movies-report-claims-1453494|title=MoviePass changed users' passwords so they couldn't see movies, new report says|last=van Hagen|first=Isobel|date=2019-08-09|website=Newsweek|language=en|access-date=2019-08-14}}
On September 13, 2019, Lowe announced to subscribers that MoviePass would shut down the next day because "efforts to recapitalize the company have not been successful to date."{{cite web |title=Troubled MoviePass Film Subscription Service Shutting Down |url=https://losangeles.cbslocal.com/2019/09/13/troubled-moviepass-film-subscription-service-shutting-down/ |website=losangeles.cbslocal.com |publisher=CBS |accessdate=13 September 2019}} Lowe left the company around January 28, 2020, after MoviePass' parent company filed for Chapter 7 bankruptcy and announced that it had ceased all business operations.[https://www.linkedin.com/in/mitchlowe/ LinkedIn]{{Cite web|url=https://variety.com/2020/digital/news/moviepass-bankruptcy-parent-helios-and-matheson-1203485327/|title=MoviePass Parent Company Files for Bankruptcy|last=Spangler|first=Todd|date=2020-01-29|website=Variety|language=en|access-date=2020-02-02}}
On June 7, 2021, MoviePass and Lowe settled charges with the Federal Trade Commission alleging that resetting customers' passwords and related behaviors violated the Federal Trade Commission Act and the Restore Online Shoppers’ Confidence Act (ROSCA).{{cite web | title= Operators of MoviePass Subscription Service Agree to Settle FTC Allegations that They Limited Usage, Failed to Secure User Data | url=https://www.ftc.gov/news-events/press-releases/2021/06/operators-moviepass-subscription-service-agree-settle-ftc | access-date=2021-06-09}}{{cite web | title=MoviePass Deceived Users So They'd Use It Less, F.T.C. Says | url=https://www.nytimes.com/2021/06/08/business/moviepass-settlement-ftc.html | website = New York Times | access-date=2021-06-09}}
On November 4, 2022, Mitch Lowe, along with Theodore Farnsworth, the former CEO of MoviePass' parent company Helios and Matheson Analytics, were each charged with one count of securities fraud and three counts of wire fraud stemming from their time together at MoviePass.{{Cite web |last=Guerrasio |first=Jason |title=The former CEOs of MoviePass and its parent company have been charged in a securities fraud case |url=https://www.businessinsider.com/former-ceo-of-moviepass-charged-in-securities-fraud-case-2022-11 |access-date=2022-11-06 |website=Business Insider |language=en-US}}
On September 16, 2024, Lowe pleaded guilty to a securities fraud charge related to the all-you-can-watch subscription scheme at MoviePass.{{Cite web |last=Maddaus |first=Gene |date=2024-09-16 |title=Former MoviePass CEO Mitch Lowe Pleads Guilty to Securities Fraud Conspiracy |url=https://variety.com/2024/film/news/mitch-lowe-moviepass-securities-fraud-guilty-conspiracy-1236146013/ |access-date=2024-09-17 |website=Variety |language=en-US}}
References
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