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It's Official: MoviePass Is Dead

MoviePass will officially shut down on September 14.

According to The Hollywood Reporter, Helios and Matheson Analytics Inc. -- the service's parent company -- confirmed the news. In a letter to subscribers, CEO Mitch Lowe explained that the service was ending, saying, "At this point, we are unable to predict if or when the MoviePass™ service will continue." Refunds will be issued to those who'd paid for service meant to take place following the end of MoviePass.

RELATED: MoviePass Security Breach Exposed Customer Records

He continued, "We still deeply believe in the need for the MoviePass™ service in the marketplace, to maintain affordable access to theaters and provide movie lovers with choices of where to go to the movies. In August 2017, MoviePass™ began a transformation of the moviegoing industry by introducing its low monthly price subscription service. Since then, others in the industry have followed our lead."

"Now, as a result of this transformation, movie lovers throughout the United States have the ability to see movies in theaters using subscription services at prices they can actually afford, albeit with limited choices of theaters using those services," he added. "In the course of this industry transformation, MoviePass™ has experienced setbacks and challenges that are well known. Nevertheless, MoviePass™ remained committed to leading and competing in an industry that is resistant to outside competition and change. We believe that fostering competition and change in the moviegoing industry is critical to the satisfaction of the moviegoing public and filmmakers alike."

Founded in 2011 by Stacy Spikes and Hamet Watt, the app offered users unlimited movies for $9.95 per month. At its peak, MoviePass boasted several million subscribers. However, the service has sparked some amount of controversy since its inception, often steaming from pricing and technical issues.

KEEP READING: MoviePass Data Leak Exposes Thousands Of User Card Numbers

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