MoviePass shutting down tomorrow

MoviePass card

The saga of MoviePass is finally coming to a close.

MoviePass will shut down tomorrow, September 14. Helios and Matheson Analytics, the parent company of MoviePass, explained today that “its efforts to recapitalize MoviePass have not been successful to date”. Customers are being notified today of the service’s fate.

Helios and Matheson goes on to say that it will continue to seek financing to fund MoviePass, but that it cannot predict when or if service will resume. “There can be no assurance that any such financing will be obtained or available on terms acceptable to the committee,” the company adds.

MoviePass was once a popular service that’d let you pay a monthly fee to see a movie every day. The past year or so has been pretty rough for MoviePass, though, with the service having to shut down service at one point to get a loan to continue getting their customers’ tickets. Some changes were then made to MoviePass that didn’t sit well with customers, like implementing a three-movie limit per month. Most recently, MoviePass had to suspend service for some time due to “maintenance-related issues”, and last month it was found that MoviePass had left customer info exposed on a server that wasn’t protected with a password.

It’s never good to see a service shut down, and that’s the case with MoviePass, but the whole situation is kind of interesting because of how popular MoviePass was once followed by its decline. Did you ever subscribe to MoviePass?

SOURCE: PhoneDog.com – Latest videos, reviews, articles, news and posts – Read entire story here.

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