A sad, but inevitable farewell to MoviePass, the subscription service that allowed users to buy up to three movie tickets a month for a low monthly fee.
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The company announced that it's shutting down. The news was shared in an email with subscribers and separately in a press release issued by its parent company Helios and Matheson.
"On September 13, 2019, MoviePass notified its subscribers that it would be interrupting the MoviePass service for all its subscribers effective September 14, 2019, because its efforts to recapitalize MoviePass have not been successful to date," reads the release.
It was a rough two years for MoviePass, as the company was spending way more money than it could afford on subsidizing movie tickets. Last March, MoviePass attempted to revamp its unlimited plan by letting users watch one movie a day for $9.95 a month. Instead of bringing the service back to life, the subscribers dropped from over 3 million members to around 224,000, according to CNBC.
Then services were temporarily shut down in July, and subscribers were left with no answers as to when the app and cards would work again. And an even bigger issue happened recently when thousands of unencrypted customer card numbers and personal credit cards were exposed due to the server's lack of password protection.
The company says it's looking into finding more money to bring MoviePass back, but there's no guarantee. RIP, MoviePass. It was too good to be true.