Drawing Movie Platform Platform MoviePass temporarily suspends its service to complete the work on an improved version of the mobile app. The suspension came into force at 2 PM PT today, and the company did not provide an expected return to service. In a statement, MoviePass said the company is planning to spend this time recapitalizing "to facilitate a seamless transition and better subscriber experience" when the product returns online. Visitors to the ticket website see a note beginning: "Big changes are coming."
The movements come after MoviePass has experienced turbulent times. In March this year, the parent company Helios & Matheson Analytics audited the financial results that it previously reported for the quarter that ended September 30 to reflect lower revenue and a larger net loss. Today's news also follows that Regal Cinemas is prepping to launch its own three-tier unlimited subscription service at the end of July, which deadline is reported exclusively earlier this week.
Regal Cinemas Readying Unlimited ticket subscription program  Of the suspension allowed MoviePass CEO Mitch Lowe: "There is never a good time to do this. But to complete the enhanced version of our app, one that will we believe, give a much better experience for our subscribers. It must be done. "
During interruptions, no subscribers are charged and will automatically be credited for Number of affected days when the service is running again. Also during this period no new subscribers will be registered.
In a letter to subscribers, Lowe said that MoviePass has worked hard to improve its service to ensure that it fulfills its ultimate vision. "
" We have listened and we understand the frustrations of our subscribers, said Lowe. "In order to provide the level of service you deserve and we can be proud of, we need to improve our mobile app. We plan to make this improvement by using an improved technology platform, which is in the final phase of completion," he continued.
MoviePass has experimented with a number of subscription schemes over the past few months, and in March a "unapped" movie-per-day plan rolled out.
One of the strategic steps that led to problems for the company last year was the decision to offer almost unlimited movie rendering for just $ 10 per month. As the number of subscribers became ballooned into millions, the company was forced to acquire blocks of expensive tickets to fulfill subscriber orders. It quickly burned a lot of money, and the company also said fraudulent use of the app aggravated the damage.