MoviePass, which once dominated its industry, announced Friday that it would be ending its service on Sept. 14 because its efforts to recapitalize haven't been successful. MoviePass' parent company, Helios and Matheson Analytics, said it has formed a strategic review company to explore financial alternatives for the company. The sale of assets is also possible, according to a release.
Neither MoviePass nor its parent company responded immediately to a request for comment.
MoviePass was in competition with Sinemia, which dropped its prices in January and added ticket rollover. The ticket service tried to bounce back by revamping its $10 unlimited plan in March, but it was fraught with restrictions. Just this past August, the company was reportedly bleeding financially and changed some users' passwords to keep them from ordering tickets. Shortly after, it was discovered that the service didn't encrypt or password-protect a database, leaving customers' credit cards exposed online.
Now playing: Watch this: MoviePass manages to get more expensive and less useful