The Candle That Burns Twice As Bright Lasts Half As Long: MoviePass is Officially Dead
Just as we correctly predicted a couple of months ago, MoviePass has announced that it is officially shutting down for good today, September 14th, 2019. Let us hang our heads and offer a moment of silence to the groundbreaking martyr of the blessed movie ticket subscription phenomenon which now benefits so many of us.
Now then, back to business. MoviePass notified subscribers just yesterday that the service was going to implode within 24 hours given that its “efforts to recapitalize MoviePass have not been successful to date.” For months now the service has been desperately trying to find financing, sell the company, sell the assets, and/or just about everything in-between. Helios and Matheson Analytics, MoviePass’s parent company whose stock has been annihilated in the process, noted that any transaction would include the “assumption or settlement” of any of its liabilities, which are both plentiful and considerable.
Over that time, MoviePass’s subscriber base has plunged to a fraction of its high of 3 million members while laying off at least seven of its employees, leaving just a dozen or so remaining. Last year, then-New York Attorney General Barbara Underwood opened a probe into Helios and Matheson’s business dealings, alleging the company misled investors regarding its financials. Regardless of the fact that MoviePass has now officially gone the way of the dodo, those investigations and lawsuits will continue to plague Helios and Matheson until that company also goes extinct.
So we ask that y’all press F to pay your respects and be sure to watch our video which astutely nailed down this entire saga over a year ago: