"It's never a good time to do this," said CEO Mitch Lowe.
Is the final credit close to MoviePass? The company says it takes a temporary break.
The flying but now challenging theater subscription platform has stopped its service just as the 4th of July holiday box weekend gets underway.
MoviePass said the service was stopped at 5:00 ET on Thursday and may take "several weeks" to resume service while undergoing indefinite "improvements" to its mobile app.
In March, the company had repaid its $ 9.95 a month plan as a promotional offer, but with many restrictions.
In a filing with the Securities and Exchange Commission that same month, the company noted an "overstatement of subscription revenues" in the third quarter of 201
The company stated that the suspension of the service was temporary, but movie guests will not be able to subscribe during the platform's end time.
"It's never a good time to have to do this," said MoviePas CEO Mitch Lowe in a statement. "But in order to complete the enhanced version of our app, one we believe will provide a much better experience for our subscribers. It needs to be done."
Fortunes for MoviePass has declined as the company had a cash crisis and turned to several business strategies over the course of a year. The service once made headlines for a model that seemed to promise, essentially, 30 movie tickets for the price of one. But it was not able to maintain this pricing plan.
MoviePass's subscription app rival, Sinemia, turned off his US service in late April, saying that its efforts to "increase the funds required to continue the operation have not been sufficient."
However, the movie theater subscription service has taken on itself as MoviePass has faded. The companies that have liked to make it work have been the theater chains themselves.
AMC's own subscription service, AMC Stub's A-List, now counts more than 860,000 subscribers by the end of June. The theater giant Cinemark & # 39; s Movie Club passed the 500,000 subscriber mark earlier this year.
And the smaller Alamo Drafthouse chain has unveiled plans to enter the subscription game and plans to charge $ 20 per month for a service to be launched by the end of the year.