MoviePass Sets Date For Its Official Closing But Hopes To Return

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End Of The Road: MoviePass Sets Date For Its Official Closing

In the beginning, MoviePass started off looking very promising. Seeing multiple movies a week–or even multiple movies a day–for one small fee, even including new releases. Millions flocked to sign up for this offering that seemed too good to be true, and then the bulls**t started.

If you’ll recall from the headlines, there was one time MoviePass didn’t pay their vendors and didn’t email users, so they showed up and were turned away from theaters. Even more recently, the same thing happened in July. After that, their business made some more headlines for how much they owed and the debts they just kept racking up.

Now, according to The Verge, the end of the road is officially here. MoviePass will join the trend of companies going out business in 2019 as the service announced its last day of operation will be September 14th.

The company says it will still seek funding to bring MoviePass back, but it is “unable to predict if or when the MoviePass service will continue.” It also says “there can be no assurance that any such financing will be obtained or available on terms acceptable to the committee.” The committee in question is a new “strategic review committee” made up of Helios and Matheson board directors to “identify, review, and explore all strategic and financial alternatives” for salvaging the firm.

Other options for avid movie goers still exist, such AMC’s Stubs  reward program. Hopefully, this whole MoviePass fiasco is an eye opener to more hopeful entrepreneurs wanting to do similar things in the future. That eye opener being: KNOW WHEN TO GET OUT. Lingering in trouble just makes everything worse, and the outcome is the same, which is that you’ll probably end up going out of business like MoviePass.