MoviePass’ all-you-can-watch movie show membership at all times appeared too good to be true. After a number of value hikes, enterprise mannequin adjustments, momentary shutdowns and elevating a mountain of cash lower than a 12 months in the past, the corporate appears to be calling it quits.
MoviePass has issued an announcement letting clients know that the service will cease working as of September 14th — so, tomorrow — as a result of “its efforts to recapitalize MoviePass™ haven’t been profitable thus far.”
For the previous few months, MoviePass had existed in a bizarre form of zombie state; some clients in some areas had been nonetheless ready to make use of it, however no new subscribers had been being accepted. Not serving to the matter any, a database with “tens of 1000’s” of MoviePass buyer card numbers was discovered unsecured on the finish of August.
The corporate says it’s exploring “all strategic and monetary alternate options,” from an enormous “reorganization” to a sale of the corporate and all of its property. Within the meantime, although, it sounds just like the service is lifeless, efficient just about instantly.