MoviePass Shuts Down Its Service After Years Of Floundering – Breaking News

 MoviePass is officially shutting down its discount movie ticket service, the company announced Friday  Customers will no longer have access to the service beginning Saturday   MoviePass’ parent company Helios and Matheson Analytics Inc (HMNY) said it was “interrupting” its service “because its efforts to recapitalize MoviePass have not been successful to date” in a press release  MoviePass is closing up shop after floundering over the past two years as it failed to find a sustainable business model in an entertainment industry that has leaned further toward on-demand streaming services  The ticketing company faced a major embarrassment in July 2018 when MoviePass ran out of money and couldn’t afford to pay for its customers’ movie tickets, causing an outage  At that time, its customers only had to pay a flat fee of $9

95 a month to watch one movie a day The following month, MoviePass’ parent company Helios and Matheson Analytics Inc posted a loss of $100 million over one fiscal quarter  As it struggled to stay afloat, MoviePass slashed its subscription service from one movie ticket a day policy to three tickets a month  In April of this year, Business Insider reported that MoviePass had lost over 90% of its customers The company faced another major setback in August when it confirmed that a security flaw may have exposed MoviePass customers’ records  HMNY said it would continue to seek financing to bring back MoviePass’ services, but appeared uncertain if those efforts would be successful  “The Company is unable to predict if or when the MoviePass service will continue,” HMNY said in its memo Download REAL LIFE REAL NEWS REAL VOICES Help us tell more of the stories that matter from voices that too often remain unheard Join HuffPost Plus

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