SOPA Images / Getty ImagesDiscount movie ticket subscription service MoviePass will officially cease operations on September 14, putting the final nail in the coffin of the service that has been slowly deteriorating over the past several years.
Today, Helios and Matheson Analytics, which owns Moviepass, announced that its board of directors have decided to interrupt service for all of its subscribers while the company determines what to do with the company.
In order to make that determination it has created a strategic review committee comprised of the company’s independent directors to “identify, review and explore all strategic and financial alternatives for the Company, including a sale of the Company in its entirety, a sale of substantially all of the Company’s assets including MoviePass™, Moviefone™ and MoviePass Films™, a business reorganization or one or more other extraordinary corporate transactions, together with the assumption or settlement of the Company’s liabilities in connection with any of these alternatives.”
MoviePass initially began operations in 2011 in San Francisco and has had a tumultuous life from its beginning.
In 2011 the service allowed customers to see one movie a day for a set fee. When theaters started to refuse customers service, it pivoted to instead have users print a voucher for the service at home. In 2012, it launched a national beta of the service, providing a debit card for customers to use to buy tickets, but that too was met with resistance from movie theaters.
The service has changed hands and pivoted sales strategies a number of times over the following years. In July of this year, it once again suspended service for subscribers, a move that it made on July 4 in the middle of a holiday weekend. Last month, TechCrunch also reported that tens of thousands of MoviePass customer’s credit card numbers were exposed in a leak.
We’ve reached out to MoviePass for a comment on the company’s announcement and will update this story if and when we receive a response.