Somehow MoviePass was quietly around even with all the controversy surrounding them. Now, its parent company, Helios and Matheson Analytics, has finally put it rest by filing Chapter 7 bankruptcy. This entails an appointed agent by the court will liquidate their assets.
“As a result of filing the Petition, a Chapter 7 trustee will be appointed by the bankruptcy court to administer the estate of the company and to perform the duties set forth in Section 704 of the Code.”
MoviePass dying is far from a shock. It’s been living on life support for since September, desperately trying to cling onto any subscriber they could. This isn’t even touching its original business model. The service would allow for watching unlimited movies every month for a flat rate of $9.95.
Later in life, it started trying to really push itself as a better price and in the tail-end, tried to limit the number of movies people could see overall as well as per month. This was unsustainable and a large section of Hollywood knew this and in walked theaters creating their own competitors.