We knew it was too good to be true.
After years of financial struggles, MoviePass has officially shut down as of Saturday. As the Wall Street Journal reports, parent company Helios & Matheson Analytics Inc. said Friday, it is “exploring all options, including a sale of the entire company.”
MoviePass gained popularity when it first launched in 2017, offering a subscription service-style approach to movie-going in which customers could watch up to a movie a day in theaters for just $9.99 a month. That proved to be financially unsustainable because the company reimbursed theaters for the full ticket price and banked on being able to make up the difference by selling user data. In the summer of 2018, MoviePass raised its price to $14.95 a month and limited the number of movies customers could see to just three a month.
The change angered customers, and in August, those who remained were dealt another blow: the company experienced a massive data breach that exposed the credit and debit card information of thousands.
Helios told the Wall Street Journal that it is “unable to predict if or when” MoviePass might make a comeback.
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