MoviePass Is Dead as Subscription Service Officially Ends Run
MoviePass is officially over. The company closed on Saturday, September 14th. Subscribers were notified yesterday (September 13th) that the subscription service was closing 24 hours later, which was not a surprise to those who follow the history of service for two years. The subscription plan of $ 9.95 to view unlimited movies each month was exactly what it seemed like: too good to be true. Over the years, parent company Helios and Matheson Analytics lost a lot of money and found themselves in hot water with their subscribers and the Attorney General of New York.
Helios and Matheson Analytics have announced that their "recapitalization efforts" MoviePass has not been successful so far, "which is a huge understatement." The subscription service has lost 329, $ 3 million in 2018 and things have not improved, but Helios and Matheson Analytics are still trying to find a way to keep the business going, and they have this to say in a statement. to their subscribers.
"The company continues its efforts to find funding to finance its operations … The company is unable to predict if or when the MoviePass service will be maintained."
MoviePass stopped in July due to an overhaul of the app and never found all of its features afterwards, as many subscribers were not able to & # 39; To access their accounts MoviePass CEO, Mitch L I contacted the subscribers, who had been promised to reimburse the rest of their prize, telling them of their efforts to provide quality service. It is unclear how the service will be able to provide these refunds. Lowe had this to say about the disappearance of the service.
Related: MoviePass sued by subscribers of the alleged scheme of baits and switches
"During this industrial transformation MoviePass suffered setbacks and some well-known challenges, but MoviePass remained determined to remain a leader and compete in a sector that is resistant to competition and external change. "
proposed various plans to stay afloat, but all they seemed to do was subscribe to anger. They dropped the plan to $ 9.95 and introduced new plans, which were obviously not the ones that attracted subscribers to the original. The service has since been slapped by a class action brought by subscribers claiming that the "unlimited" plan amendment was a deceptive "bait-and-switch" tactic.
The situation was getting worse, as MoviePass subscribers claim they were unable to access their accounts to see movies. The company then announced that subscribers' personal data, including credit card information, had been compromised. At present, the New York Attorney General is examining whether Helios and Matheson Analytics have deliberately misled investors. It's pretty amazing that MoviePass was able to keep the doors that long, but it's all over now. Customers would be automatically reimbursed without having to contact the company. You can read the entire statement for subscribers on MoviePass.