Time to fire up Netflix -- MoviePass has closed down
Movie tickets subscription service MoviePass is no more. In an announcement on Friday, the company behind the service, Helios and Matheson Analytics, advised customers that as of today, September 14, subscriptions would no longer work.
MoviePass underwent numerous changes and restructurings through the course of its existence, but it seems that, ultimately, financial troubles, competition from streaming services, and other factors were too much for it to weather.
- Streaming video service Apple TV+ is coming in November
- How YouTube and Netflix will destroy the world!
- Netflix discovers SACK Panic and other Linux security flaws
The company sent emails out to customers on Friday advising subscribers that services would be interrupted "because its efforts to recapitalize MoviePass have not been successful to date". Despite the use of the slightly hopeful phrase "interrupting the MoviePass service", the company goes on to say that it "is unable to predict if or when the MoviePass service will continue".
In a press release, it said:
Helios and Matheson Analytics Inc. (the "Company" or "HMNY") today announced that its board of directors has formed a strategic review committee (the "Committee"), composed entirely of the Company's independent directors, to identify, review and explore all strategic and financial alternatives for the Company, including a sale of the Company in its entirety, a sale of substantially all of the Company's assets including MoviePass, Moviefone and MoviePass Films, a business reorganization or one or more other extraordinary corporate transactions, together with the assumption or settlement of the Company's liabilities in connection with any of these alternatives.
Helios and Matheson Analytics intends to seek further funding to enable it to finance its operations, but this is unlikely to be forthcoming. So if you're looking for movies to keep you entertained without breaking the bank, you're going to have to head over to Netflix or your favorite streaming service instead.