MoviePass, the game-changing ticketing service, is shutting down

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MoviePass Investigation_1539896915799

FILE- This Aug. 23, 2018, file photo shows Movie Pass debit cards and used movie tickets in New York. The company that runs the beleaguered MoviePass, a discount service for movie tickets at theaters, is being investigated by the New York Attorney General on allegations it misled investors. (AP Photo/Richard Drew, File)

(CNN) – MoviePass, once a revolutionary ticketing service, is temporarily shutting down on Saturday and it’s unclear if it will return.

Helios and Matheson, the parent company of the service, which offered theatergoers the ability to see one movie day for a fee of $10 a month, announced that it would be interrupting the service on Saturday.

Helios and Matheson’s efforts to recapitalize MoviePass have “not been successful to date,” the company said in a press release on Friday.

“The Company is unable to predict if or when the MoviePass service will continue,” Helios and Matheson said in a statement on Friday. “The Company is continuing its efforts to seek financing to fund its operations.There can be no assurance that any such financing will be obtained or available on terms acceptable to the Committee.”

This is a developing story…

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