MoviePass cinema sale service will stop working on September 14th. This was reported by the parent company Helios and Matheson.
MoviePass was launched in 2011 by Stacy Spikes and Hamet Wott, who wanted to create Netflix for movie theaters. In 2017, it was bought by Helios and Matheson. Subscribed users had a special Mastercard credit card. They selected films in the application, and the service replenished the card by the desired amount.
After the purchase of Helios and Matheson, the cost of the subscription decreased from $ 30-50 to $ 9.95, and the subscriber base by 2018 increased to 3.2 million users. Since the company itself paid the price difference to the cinemas, losses also increased with the growth of the subscriber base.
In 2018, the service decided to limit the number of sessions in the subscription to three per month and increased the price of an unlimited subscription, excluded the premieres from the subscription and reduced the total number of available films. In 2019, MoviePass launched production of its own films to increase the amount of content available to users. After that, the subscriber base was reduced to 225 thousand.