MoviePass’s unlimited viewing membership of the movie theater always sounded like talk. And after raising prices many times, changing the business model, temporarily stopping the business, and raising a lot of money in October last year, the company has declared the end of the business.
MoviePass has announced to customers that the service will stop on September 14th. The reason is that so far, MoviePass has not succeeded in recapitalizing.
Over the past few months, MoviePass has been a strange zombie. Some customers were available in some areas, but new subscriptions were not accepted. At the end of August, it turned out that the database, which stores tens of thousands of card numbers for MoviePass customers, is not protected by security.
The company says it is exploring “any strategic and financial option”, including rehabilitation of a large company or even the sale of the company and all its assets. In the meantime, however, this service seems to be dead.
