New York (The Verge) — MoviePass is shutting down tomorrow theverge.com/2019/9/13/2086….
MoviePass, the subscription service that spent enormous amounts of venture capitalists’ money subsidizing movie tickets in a bid to upend the theater business model, is officially shutting down. The news, announced via emails to subscribers and reported by CNBC, marks the end of a tumultuous two-year saga.
Last we heard of MoviePass, the company was laying off huge swaths of its staff, including the team responsible for brokering partnerships with movie theaters, following a sudden, supposedly temporary shutdown of its services in July. The company didn’t say when it would begin operating again, but most monthly and annual subscribers were left with an app that wouldn’t work and a debit card that no longer functioned — and no timeline regarding the service’s eventual return. (MoviePass claimed it had restored service to some users, but it’s not clear that ever happened.) Last month, MoviePass was also found to have exposed thousands of its customers’ credit card numbers in plain text online, rounding out a particularly rough few months of bad press.
According to Helios and Matheson, MoviePass was too far gone to save. “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,” reads the release. — Nick Statt/@verge