LOS ANGELES - After several months of hanging on, MoviePass will shut down indefinitely on Saturday.
In a statement, MoviePass CEO Mitch Lowe said the service would be gone at 8 a.m. EST.
“While we were able to relaunch the service for some of our subscribers with an improved technology platform, our efforts to recapitalize the company have not been successful to date,” he said.
He added that customers would receive a refund for the period of service they paid for and will not need to request that refund through customer service.
“At this point we are unable to predict if or when MoviePass service will continue,” Lowe said. “We still deeply believe in the need for the MoviePass service in the marketplace, to maintain affordable access to theaters and provide movie lovers with choices of where to go to the movies.”
MoviePass launched in August 2017, offering moviegoers the chance to see a movie a day for a $10 monthly subscription. The service quickly grew to nearly 3 million subscribers.
But eventually the service raised prices and limited access to movies, causing people to end their subscriptions.
“We thank you for your loyalty to MoviePass and sharing our vision for the industry,” Lowe said. “Although we do not currently know what the future holds for the MoviePass service, we hope to find a path that will enable us to continue the service in the future.”