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Discounted movie subscription service MoviePass shuts down

Posted: 1:00 PM, Sep 14, 2019
Updated: 2019-09-14 16:00:48-04

NEW YORK (AP) - The movie ticket subscription service known as MoviePass that allowed subscribers to purchase up to three movie tickets per month for a small fee has temporarily shut down.

MoviePass shut down Saturday and its future is unclear.

Helios and Matheson Analytics, the parent company of MoviePass, said in a release Friday that it was interrupting service for all its subscribers because its efforts to seek financing have not been successful.

It says it's unable to predict if or when MoviePass will continue. The company says it's planning to study all options including the sale of the company in its entirety.

MoviePass drew in millions of subscribers, initially luring them with a $10 monthly rate. But that proved unsustainable, and the company was forced to make changes. Those efforts never stopped the losses.