Starting today, July 4th, long-suffering theater subscription service provider MoviePass will be temporarily shutdown for at least several weeks.
The reason is said to be due to the company needing to fix technical issues and finish work on a new version of its app. Announcing the shutdown, they also say they have: “plans to use this time to recapitalize in order to facilitate a seamless transition and improved subscriber experience once the service continues.”
During MoviePass’ shutdown, subscribers will not be charged and they’ll be automatically credited for the number of affected days once the service continues. MoviePass is also currently not accepting new subscribers.
Business Insider reported in April that the number of MoviePass subscribers plummeted from more than 3 million last year to just 225,000 in under a year. MoviePass’ owners Helios and Matheson Analytics remain the target of a securities-fraud probe by the New York Attorney General.