MoviePass’ all-you-can-watch movie theater membership always seemed too good to be true. After multiple price hikes, business model changes, temporary shutdowns and raising a mountain of money less than a year ago, the company seems to be calling it quits.
MoviePass has issued an announcement letting customers know that the service will stop working as of September 14th — so, tomorrow — because “its efforts to recapitalize MoviePass
have not been successful to date.”
For the past few months, MoviePass had existed in a weird sort of zombie state; some customers in some regions were still able to use it, but no new subscribers were being accepted. Not helping the matter any, a database with “tens of thousands” of MoviePass customer card numbers was found unsecured at the end of August.
The company says it’s exploring “all strategic and financial alternatives,” from a massive “reorganization” to a sale of the company and all of its assets. In the meantime, though, it sounds like the service is dead, effective pretty much immediately.
Story developing…
https://ift.tt/2JcZBGX MoviePass will shut down on September 14th https://ift.tt/2LtddQQ
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