Game-changing movie ticketing service MoviePass is shutting down

For a fleeting moment in time Movie Pass subscribers could see a movie a day for just $9.95 a month

For a fleeting moment in time Movie Pass subscribers could see a movie a day for just $9.95 a month. Richard Drew AP

MoviePass subscribers will no longer have the service starting Saturday morning and will be appropriately refunded for the period of service they already paid in advance for.

Until it wasn't. As we all expected from the beginning, MoviePass was too good to be true.

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The announcement brings to a close a two-year saga that shook the cinema industry with a monthly subscription that offered unlimited moviegoing for one low price.

Helios and Matheson Analytics Inc. now owns approximately 92% of the outstanding shares (excluding options and warrants) of MoviePass Inc., 100% of the outstanding membership interests in MoviePass Ventures LLC, 51% of the outstanding membership interests in MoviePass Films LLC, and the Moviefone™ brand and service.

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Over the past several months, MoviePass™ worked hard to relaunch its groundbreaking subscription service and recapitalize the company. As a result, it pains us to inform you that effective at 8 a.m. E.T. on September 14, 2019, we must interrupt service for all current MoviePass™ subscribers. Shares of MoviePass parent company Helios and Matheson Analytics dropped 10% Friday afternoon, though the stock trades for a fraction of a penny.

"We still deeply believe in the need for the MoviePass service in the marketplace, to maintain affordable access to theaters and provide movie lovers with choices of where to go to the movies", the company wrote in an email to subscribers on Friday. The service returned shortly thereafter, but the drama continued. MoviePass has been around since 2011 with a tiered subscriber plan but they started ramping up to a household name in 2017, when the company launched their irresistible $9.99-a-month plan, allowing subscribers to see one movie a day per month.

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