MoviePass, the influential but money-losing cinema subscription service, is officially bankrupt. AdvertisementNew York-based MoviePass’ bankruptcy was long expected. MoviePass shut down its once-popular service in September after failing to raise much-needed capital to keep it afloat. Launched in 2011, the service quickly grew to 3 million subscribers from 20,000, sending Helios and Matheson’s stock soaring above $30 a share. As the business continued to struggle, MoviePass’ stock lost almost all of its value.

Source: Los Angeles Times January 29, 2020 17:03 UTC