Four months after shutting down, MoviePass is going away for good.
MoviePass and parent company Helios and Matheson Analytics have declared Chapter 7 bankruptcy. As noted by Deadline, that means that the companies will be dissolved rather than reorganized like they would be under Chapter 11 bankruptcy.
The interim CEO and CFO have both resigned, too, as have those that were remaining on the board of directors.
"After considering strategic alternatives, Helios and Matheson Analytics and its subsidiaries MoviePass and Zone Technologies each filed a voluntary petition for relief...under the provisions of Chapter 7 of Title 11 of the United States Code,” the SEC filing reads.
MoviePass become hugely popular very quickly a couple of years ago when it began allowing customers to see unlimited movies for a flat monthly rate. It couldn't keep going when it was selling its service for just $10 per month, though, and so it tried things like raising its price and setting restrictions on the movies that customers could see.
Last year, MoviePass was forced to pause service for several weeks, and shortly after that it was the subject of a major security issue when customer info was exposed on an unprotected database. That appeared to spell the end for the struggling MoviePass, as it announced in September 2019 that it would be shutting down. Now that it's being dissolved, the saga of MoviePass is truly coming to an end.
Did you ever try MoviePass?
