I’ll admit it. This is a bit disappointing for me. Back when MoviePass started its $9.95 a month deal, I had hoped for the best. I had hoped the economics would somehow work itself out and that they could find another revenue stream to help offset the loss they faced with each subscriber. Sadly, that never happened, and we saw a rapid decline of a company in front of our very eyes.

We saw the parent company, Helios and Matheson Analytics, try their best to salvage what they could. They shifted around the price points, changed up their strategy, but ultimately nothing could save them from themselves, and stock prices have fallen 96% in the past year.

RELATED – MoviePass Is Dead, But Former Chairman Wants To Rebuild, Blames Customers For Company’s Failure

Now, they have officially declared Chapter 7 bankruptcy, with board members Prathap Singh, Gavriel Ralbag, Muraikrishna Gadiyaram, and Joseph Fried all handing in their resignations. They also lost Parthasarathy Krishnan and Robert Damon as interim CEO and interim CFO, respectively.

Of course, MoviePass shut its doors this past September, so all of this was expected, but now it’s pretty much official. When last we heard though, former CEO Ted Farnsworth seemed interested in buying MoviePass and going private with it. I still don’t know how that’s possible, but if he can pull it off, I guess…go for it?

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SOURCE: TheWrap