MoviePass subscribers can probably go ahead and cut up their membership cards. Helios and Matheson Analytics Inc., owner of the movie-ticket subscription service, has announced that operations will cease tomorrow due to a lack of funding.
MoviePass rose to popularity by letting subscribers watch one movie per day for just $9.95 a month, but costs spiraled out of control. While Helios and Matheson hasn’t admitted this is the end, it sure sounds like it.
The Company is unable to predict if or when the MoviePass service will continue. The Company is continuing its efforts to seek financing to fund its operations. There can be no assurance that any such financing will be obtained or available on terms acceptable to the Committee.