It’s been a grim year for MoviePass, the endlessly embattled movie subscription service. The company, which built a base of reportedly more than 3 million subscribers with a deal that let users watch a movie a day in theaters for under $10 a month, has been losing money at a prodigious rate. Over the course of 2018, it repeatedly retooled its basic subscription, forced annual subscribers onto a monthly plan, and dealt with plummeting stock prices after repeated reports that it was out of funds.
Most recently, parent company Helios and Matheson — which is facing a class-action lawsuit from its shareholders and a fraud investigation — spun MoviePass off into a separate company, in an apparent attempt to dissociate itself from the toxic...
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