Moviepass Is Getting Shut Down Tomorrow
When a company is formed based on a new idea, it usually means that the founders have created it on some grand vision. Movie Pass, which is a subscription-based movie ticket selling platform, is now getting shut down. Moviepass tried to focus more on making theatre experience suitable by selling tickets for low prices, but that didn’t seem to be worked out. It’s been mentioned in a press release released by the company that their service is going to shut down from September 14. Those who subscribe to the company’s service have gotten an email about it. It’s been two years since movie pass came into the action and so far it generated lots of customers based on this unique business idea. Moviepass is one of the best things that happened to movie lovers because the customer base increased significantly on moviepass from last few months. The previous time when Moviepass came into the news was because of its decision of letting many workers. Moviepass was going through a tough time financially and other things which cost lots of money to the company.
Angel investors who invested money on this unique startup had lost their tremendous amount of money. The company’s primary operating went down when customers couldn’t pay the money using a debit card, and that problem stayed the same for some time. People usually purchased movie tickets from moviepass since it cost them cheaper than other standard platforms. However, since the revenue model is not that much profitable to the company, they were losing a massive amount of money. Investors who put millions of dollars through funding decided to stop it because of continuous loss making. Moviepass went down in many ways because at one point it’s been found that it revealed credit card details of customers accidentally. Things like those made it hard for moviepass hence, it has been shut down for good.