MoviePass-parent Helios & Matheson is set to shut down on Saturday

MoviePass Inc.‘s parent Helios & Matheson Analytics Inc. is set to close its business permanently on Saturday and is considering a sale of its assets, including its Moviefone and MoviePass Films business. Attempts to revive the embattled subscription-movie service have apparently failed, with the company on July 4 announcing that its service would be temporarily interrupted in order to work on an "improved version" of its mobile app Inc. The decision was a bad omen as it came during the busiest time for the movie business. In March, Helios & Matheson raised some $6 million in financing to support MoviePass, including its technology. The once-highflying company had lost nearly all of its value over the past year. Shares of HMNY, a reference to the company‘s trading symbol, are down 89% so far in the 2019, according to FactSet data. By comparison, the S&P 500 index is up nearly 20% so far this year and the Dow Jones Industrial Average is up 16.7% over the same period. HMNY , a service with just 20,000 subscribers at the time. The operator cut MoviePass‘s monthly fee to $9.95 from up to $50 a month, and its subscriber base ballooned, crossing the 3-million mark in June of 2018, . However, the burden of delivering cheap movies proved challenging for the company.

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