It was 8 years old.
Parent company Helios and Matheson Analytics Inc., which owns a majority stake in MoviePass, said Friday that it was officially "interrupting" service for subscribers as of September 14, though the company had already halted service in July as it claimed to be working on improvements to its app. "The Company is continuing its efforts to seek financing to fund its operations.There can be no assurance that any such financing will be obtained or available on terms acceptable to the Committee".
After a long bout with terminal bad ideas, MoviePass has died at the age of eight. The service returned shortly thereafter, but the drama continued. Shares of MoviePass parent company Helios and Matheson Analytics dropped 10% Friday afternoon, though the stock trades for a fraction of a penny.
Earlier this summer, MoviePass was subjected to surprise shutdown that executives said was in order to make improvements to its app.
The most recent round of news included massive layoffs for company staff, and a report from TechCrunch that the company exposed "tens of thousands of customer card numbers and personal credit cards because a critical server was not protected with a password".
"We still deeply believe in the need for the MoviePass service in the marketplace, to maintain affordable access to theaters and provide movie lovers with choices of where to go to the movies", the company wrote in an email to subscribers on Friday. Since then, others in the industry have followed our lead. It gained a large following in 2017 when Helios & Matheson reduced its price, allowing subscribers to see virtually unlimited movies at theaters for a monthly fee of $9.95. In the course of this industry transformation, MoviePass™ has experienced setbacks and challenges that are well known. MoviePass realized their unlimited plan was unsustainable and likely knew that from the start.