It looks like the death knell may be sounding for movie ticket subscription service MoviePass. As we know on Friday, tickets for “Mission: Impossible – Fallout” were unavailable due to apparent technical issues. It was then revealed that its parent company, Helios & Matheson, had scored a further $5 million in credit because MoviePass had effectively run out of money.
Cut to today and things have gone from bad to worse. Today, the only screenings currently showing up are at MoviePass’ e-ticketing partners – around 3% of theaters (or 211 of the 5803 theaters in the United States). Business Insider reports that employees have been told that the next two major studio releases – “Christopher Robin” and “The Meg” – will not be made available to its subscribers. Additionally “the practice of not offering tickets to major movies would continue for the foreseeable future.”
Many users have also reported problems cancelling the service. MoviePass hasn’t tweeted or provided any official updates yet as to what’s going on. Wall Street isn’t looking kindly on them either, stock of Helios & Matheson Analytics dropped a whopping 60% today, closing at 80 cents per share – the company having has lost more than 95% of its value in just its last five trading sessions – dropping from $22 a share last week.