MoviePass Shuts Down, With Parent Company Citing Failure to Raise Funds

Lawrence Kim
September 14, 2019

For consumers, the service had seemed nearly too good to be true.

At one point, MoviePass was on top of the world.

MoviePass also struggled to make partnerships with major theater chains, some of which were inspired to create ticket subscriptions of their own; most notably, the AMC Stubs A-list program, which allows subscribers three tickets per week for a monthly $20 fee.

It's over, folks. The bell has officially tolled for MoviePass.

MoviePass is shutting down.

MoviePass parent company Helios and Matheson Analytics announced in a statement on Friday afternoon that its "efforts to recapitalize MoviePass™ have not been successful to date".

It's curtains for movie subscription trailblazer MoviePass. Subscribers will not need to request a refund or contact MoviePass™ customer service to receive a refund.

Helios & Matheson, the data company that bought a majority stake in MoviePass in 2017, said it has formed a committee of independent directors to explore "strategic and financial alternatives" for the company, including a sale of the firm as a whole, or a sale of all its assets, including MoviePass.

In August it claimed to have restored service to 'a substantial number of our current subscribers'. Since then, others in the industry have followed our lead. Last March, MoviePass launched a revamped version of its unlimited plan, which let users watch one movie per day for $9.95 per month, as part of an eleventh-hour attempt to revive the subscription service. In the course of this industry transformation, MoviePass™ has experienced setbacks and challenges that are well known. We believe that fostering competition and change in the moviegoing industry is critical to the satisfaction of the moviegoing public and filmmakers alike. It added that it doesn't know when or if it will be able to continue. The service lived fast and died hard, and what a ride it was.

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