The service reportedly emailed its subscribers to notify them it was shutting down because “efforts to recapitalize MoviePass have not been successful to date.”
like a price-hiked Frankenstein’s monster, raising its costs and limiting subscribers’ access to certain films.
It doesn’t help that potential users’ trust in MoviePass has eroded over time, thanks to stories like one that broke last August—alleging that MoviePass hadusers who had already canceled their accounts. A representative for the company responded to those reports with a statement: “We are in the process of transitioning our members to the new, $9.95 plan, which launches officially on August 15th....
As for what’s ahead for Helios and Matheson, CNBC reports that it’s considering options including a sale of the company, a sale of its assets—such as MoviePass, Moviefone, and more—or, possibly, a company reorganization. But according to CNBC, the company said any of these options would include an “assumption or settlement” of any of its liabilities.
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