MoviePass to shut down Saturday after failing to raise capital

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

It added that it doesn't know when or if it will be able to continue. On Friday, the subscription service announced it will stop offering discounted movie tickets on Saturday, September 14th. The death of MoviePass serves as a cautionary tale for us all - a reminder that if something seems too good to be true, it probably is. At one point, Helios shares advanced 1,151%. The service pulled in 3 million subscriptions at its height, and film fans across the country were gaga over the prospect of using their MoviePass membership to see unlimited films.

The company also is the target of a class-action lawsuit by MoviePass subscribers claiming the change in the "unlimited" plan was a deceptive "bait-and-switch" tactic.

Helios and Matheson Analytics, MoviePass' parent company, said it formed a strategic review committee that will identify, review and explore all strategic and financial alternatives for MoviePass.

MoviePass eventually raised its prices and began to limit access to blockbuster movies. The letter states users do not need to request for a refund in order to receive one, and will not be charged moving forward (via THR).

In an attempt to put the company's earnings in the black, MoviePass switched from an " all-you-can-watch" type of business to a $9.95/month service that offered subscribers the possibility to watch three movies per month. The service returned shortly thereafter, but the drama continued.

MoviePass, for those who don't remember the salad days of 2017 and 2018, was the debit card that got you into nearly unlimited first-run movies at basically any theater for $10 a month. Nevertheless, MoviePass™ remained committed to leading and competing in an industry that is resistant to outside competition and change. The service lived fast and died hard, and what a ride it was.

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