down on Saturday as the discount subscription service failed to make its business model sustainable or receive new financing.
Moviepass parent company Helios and Matheson Analytics said that efforts to finance the company have failed.
Helios and Matheson Analytics is continuing to look for financing options—including selling off the company in its entirety—but it’s unclear if MoviePass will ever return. The company’s independent board of directors are forming a committee to review the company’s options. : MoviePass surged in popularity in 2017 and eventually netted more than 3 million subscribers who opted to pay $10 per month for the ability to see unlimited movies in theaters. But the business model collapsed after MoviePass could no longer afford to heavily subsidize the costs of movie tickets, leading analysts to believe the company was essentially selling dollars for quarters.
As MoviePass restricted how many movies users could see in an effort to limit cash burn, its subscriber base plummeted from 3 million to 225,000, according to
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