MoviePass, which once dominated its industry, announced Friday that it would be ending its service on Sept. 14 because its efforts to recapitalize haven’t been successful. MoviePass’ parent firm, Helios and Matheson Analytics, said it has shaped a strategic review company to explore financial alternatives to the provider. The sale of resources is also feasible, according to a release.
Neither MoviePass nor its parent company reacted instantly to a request for comment.
MoviePass was in rivalry with Sinemia, that dropped its prices in January and also extra ticket rollover. The ticket support attempted to bounce back by means of its $10 unlimited plan in March, but it had been fraught with limitations. Just last year August, that the business was reportedly bleeding fiscally and changed some users’ passwords to stop them from ordering tickets. Shortly later, it was found that the service did not disconnect or password-protect a database, leaving customers’ credit cards exposed online.