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Discount MoviePass movie subscription service turned off



NEW YORK (AP) – MoviePass, the movie ticket subscription service that allowed subscribers to purchase up to three movie tickets per month for a small fee, closed Saturday.

The future is unclear. [19659004] Helios and Matheson Analytics, the parent company of MoviePass, said Friday in a release that it discontinued service for all subscribers because the effort to seek funding has not been successful.

It states that it "fails to predict if or when" MoviePass will continue. The company says it plans to study all the options including the sale of the company in its entirety.

MoviePass drew millions of subscribers and lured them to a But it turned out to be unsustainable, because MoviePass usually pays theaters the full cost of tickets ̵

1; $ 15 or more in big cities – a single movie could put the service to the red, and the company was forced to make changes. However, the effort never stopped the losses.

In a letter posted to subscribers to the site, Mitch Lowe, CEO of MoviePass, wrote, “In August 2017, MoviePass began a transformation of the movie industry by introducing the low monthly subscription service. once others in the industry have followed our lead. ”

MoviePass said it will give subscribers" appropriate "reimbursement for their service period which Subscribers do not need to request a refund or contact MoviePass Customer Service to receive a refund. Subscribers will not be charged during the service interruption, according to the site.

Helios purchased a majority stake in the subscription service in 2017.


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