MoviePass, the long-struggling theater subscription service, finally appears to be down for the count.
On Friday, MoviePass notified remaining subscribers that it would be shutting down the service effective Sept. 14, 2019, because “its efforts to recapitalize MoviePass have not been successful to date,” parent company Helios and Matheson Analytics announced.
“The company is continuing its efforts to seek financing to fund its operations,” the statement said. But, it added, “The company is unable to predict if or when the MoviePass service will continue.” MoviePass told subscribers it will issue refunds for any periods of service they had already paid for.
In addition, Helios and Matheson said its board has commenced a review of strategic and financial options, including a potential sale of the New York-based company in its entirety or a business reorganization.
Even with MoviePass’ evident demise, the service has spurred theater chains including AMC Theatres, Regal Entertainment and Cinemark...
On Friday, MoviePass notified remaining subscribers that it would be shutting down the service effective Sept. 14, 2019, because “its efforts to recapitalize MoviePass have not been successful to date,” parent company Helios and Matheson Analytics announced.
“The company is continuing its efforts to seek financing to fund its operations,” the statement said. But, it added, “The company is unable to predict if or when the MoviePass service will continue.” MoviePass told subscribers it will issue refunds for any periods of service they had already paid for.
In addition, Helios and Matheson said its board has commenced a review of strategic and financial options, including a potential sale of the New York-based company in its entirety or a business reorganization.
Even with MoviePass’ evident demise, the service has spurred theater chains including AMC Theatres, Regal Entertainment and Cinemark...
- 9/13/2019
- by Todd Spangler
- Variety Film + TV
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