Troubled cinema subscription firm MoviePass has ceased operations with its owners unable to say when or if it will return.
The operator notified subscribers that it would be interrupting the service for all its subscribers effective Saturday, September 14, “because its efforts to recapitalise MoviePass have not been successful to date.”
MoviePass’ parent company Helios and Matheson said it is unable to predict if or when the service would resume. It said it is continuing its efforts to seek financing to fund its operations.
MoviePass has undergone several changes to its pricing scheme and business model, which saw the movie subscription firm attempt to disrupt the ticketing market by unveiling a strategy in August 2017 that allowed customers to see a movie a day in cinemas, including new releases, on an annual basis for a fee of $9.95 (£7.90/€8.76) per month.
However, with subscriber figures hitting three million within months, MoviePass has since been trying to restructure its model as it attempts to break even on the tickets it is selling.
By July 2018, MoviePass had run out of cash, meaning the service was forced to temporarily shut down until the company was able to secure an emergency $5m loan.
It brought in surge pricing for popular films, as well as introducing a new ticket verification process.
It later announced it would implement a strategy offering three plans, each of which would provide access to three films per month, or up to 36 per year.