MoviePass No More- Parent Company Files Bankruptcy
Remember how great MoviePass seemed at first? A movie a day, every day if you want, for the whole month for only $10? I'll admit, I bought into it. But not because I'm a huge movie-goer, mostly because my friend said he loved it and used it all the time, so I got it too. But now, things are really over for the app.
The "future of moviegoing" is officially a thing of the past, as MoviePass' parent company filed for Chapter 7 bankruptcy this week.
Deadline notes that unlike a Chapter 11 filing, where a company might reorganize and come back, parent company Helios and Matheson is dissolved. "Everyone has resigned. Four months after the MoviePass service closed down, it’s clear it’s not coming back," the outlet writes. "The company’s interim CEO Parthasarathy Krishnan and CFO Robert Damon both tendered their resignations, as did remaining members of the board of directors."
The company had made a headlines in 2017 when it let subscribers see one movie a day for the price of $9.99 a month. In July 2018, Helios and Matheson had to borrow $5 million to get back up and running after the company ran out of money. Its stock was later trading at just five cents a share.
I never got my moneys worth out of MoviePass, because the app was frequently down, not showing the movie I wanted to see, etc. I think I saw two or maybe a max of three movies with the app, but had to prepay for a year in advance to use it. So I saw three movies for $120. Good riddance to that app.