MoviePass’ all-you-can-watch movie theater membership always seemed too good to be true. After multiple price hikes, business model changes, temporary shutdowns and raising a mountain of money less than a year ago, the company seems to be calling it quits.
MoviePass has issued an announcement letting customers know that the service will stop working as of September 14th — so, tomorrow — because “its efforts to recapitalize MoviePass have not been successful to date.”
For the past few months, MoviePass had existed in a weird sort of zombie state; some customers in some regions were still able to use it, but no new subscribers were being accepted. Not helping the matter any, a database with “tens of thousands” of MoviePass customer card numbers was found unsecured at the end of August.
The company says it’s exploring “all strategic and financial alternatives,” from a massive “reorganization” to a sale of the company and all of its assets. In the meantime, though, it sounds like the service is dead, effective pretty much immediately.
Story developing…
Written by Greg Kumparak
This news first appeared on https://techcrunch.com/2019/09/13/moviepass-will-shut-down-on-september-14th/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “MoviePass will shut down on September 14th”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
