INSUBCONTINENT EXCLUSIVE:
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
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…
