MoviePass is shutting down. On Friday, the subscription service announced it will stop offering discounted movie tickets on Saturday, September 14th. In a press release, the company said its "efforts to recapitalize MoviePass have not been successful to date." Moving forward, all options are on the table, with MoviePass parent company Helios and Matheson Analytics saying it's considering, among other things, selling itself off entirely. It added that it doesn't know when or if it will be able to continue.
MoviePass' demise shouldn't come as too much of a surprise. While the company experienced early success on the back of its $9.95 per month subscription plan, it has been struggling ever since. Not only did the MoviePass change its pricing multiple times, in 2018 it was forced to borrow money to avoid bankruptcy. Earlier this year, the company temporarily shut down its app to work on it. At its height, MoviePass had some 3 million subscribers. As of this past April, that number had declined to 225,000.
Via: CNBC
Source: Helios and Matheson Analytics Inc.
By: TechRadar or engadget. New tech, tech news.
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