Moviepass, the struggling app-based subscription service that rocked the film industry, announced that it will shut down tomorrow after failing to stem millions of dollars in losses and secure new financing. 

The company will suspend operations at 8 a.m. Saturday and refund unpaid balances to subscribers. 

"Over the past several months, Moviepass has worked hard to relaunch its groundbreaking subscription service and recapitalize the company," Mitch Lowe, CEO o Moviepass, said in a letter posted on the company website. "While we were able to relaunch the service for some of our subscribers with an improved technology platform, our efforts to recapitalize the company have not been successful to date."

Moviepass launched in 2017 with a $9.95 a month subscription service that allowed users to see first-run movies at theaters, but suffered losses in the millions of dollars, causing the stock price of its parent company, Helios and Matheson Analytics Inc., to collapse and get delisted from the Nasdaq in February of this year. 

The service had so disrupted the film industry that it claimed by June 2018 to have more than 3 million subscribers and led theater companies and film studios to launch their own movie subscription services. 

The company attempted a comeback in March with a new subscription model that charged $19.95 and set limits to prevent abuse. In July, the company announced it would pause the subscription service to rework the mobile app and try to recapitalize. 

Cover image courtesy of Moviepass.