MoviePass CEO Mitch Lowe on Friday posted a letter on the service's website: "At this point, we are not able to predict whether or when the MoviePass service will be maintained."
"The company is unable to predict whether or when the MoviePass service will be maintained," said Helios and Matheson. "The company is continuing its efforts to seek funding to fund its operations and there can be no assurance that such funding will be obtained or available on terms acceptable to the committee."
During the summer of 2017, MoviePass caused a shock wave in Hollywood when the price of its monthly subscription was reduced to $ 10 a month, which allowed users to see a movie a day. After that, the service quickly grew to reach 3 million subscribers in less than a year.
From the start, surprisingly low subscription fees and the growing number of subscribers have caused many film industry players to wonder just how much MoviePass' business model was really sustainable.
Helios and Matheson issued a serious warning in April 2018 about the company's ability to stay in business.
MoviePass has finally increased its prices and started limiting access to hit movies. In December, the company announced that it was changing its prices again, this time adopting a tiered plan.
All of MoviePass's problems – movie restrictions to a glitchy mobile app – have led to an exodus of subscribers (Business Insider reported in April that the service had about 225,000 subscribers). The actions of Helios and Matheson had a major impact, falling to 2 cents.
Last month, MoviePass confirmed that a security problem could have exposed the customer's records.
Despite the potential disappearance of the service, it has undoubtedly changed the theater experience.
Subscription services similar to MoviePass in terms of spirit, but no price, have appeared in major movie chains such as AMC and Regal.
"Although we do not know what the future holds for the MoviePass service, we hope to find a way that will allow us to continue using it," wrote Lowe.
Moss Cohen, Ahiza Garcia, Paul La Monica and Jill Disis from CNN Business contributed to this report.
