Won’t have to worry about canceling your subscription, right?
We have finally reached the end of the little movie ticket service that could… until it couldn’t after progressively eroding its value to end users. MoviePass is set to shut down today, September 14th.
Helios and Matheson, MoviePass’ parent company, has confirmed that the service would be put on hold indefinitely in the wake of review. Their press release is reproduced below:
Helios and Matheson Analytics Inc. (the “Company” or “HMNY”) today announced that its board of directors has formed a strategic review committee (the “Committee”), composed entirely of the Company’s independent directors, to identify, review and explore all strategic and financial alternatives for the Company, including a sale of the Company in its entirety, a sale of substantially all of the Company’s assets including MoviePass™, Moviefone™ and MoviePass Films™, a business reorganization or one or more other extraordinary corporate transactions, together with the assumption or settlement of the Company’s liabilities in connection with any of these alternatives. The Company requests that all bona fide transaction proposals and expressions of interest be directed to the Committee at [email protected]. There can be no assurance that the Committee’s review process will result in any transaction.
In addition, on September 13, 2019, MoviePass™ notified its subscribers that it would be interrupting the MoviePass™ service for all its subscribers effective September 14, 2019, because its efforts to recapitalize MoviePass™ have not been successful to date. The Company is unable to predict if or when the MoviePass™ service will continue. 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.
Potentially, this might not be the end of MoviePass; sale is an option on the table. After all, at its height they had a whopping 3 million subscribers. Unfortunately, as the value of the service dropped in order to keep it afloat, so too did those subscribers, to a much less robust 225,000. I’m guessing AMC is going to throw a touchdown dance on their grave now.
But functionally, it’s dead. So raise a glass and press “F” for MoviePass. Some restrictions may apply.
Source: Engadget
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