Updated Sep 14, 2019

MoviePass ends all subscriber services

MoviePass logo. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

MoviePass ended all subscriber services on Saturday, after its parent company Helios and Matheson announced details of its financial troubles Friday.

Catch up quick: MoviePass' cheap ticketing plans launched with plenty of buzz in 2017, but the company never found a sustainable way to stay afloat. Helios and Matheson is now considering whether to sell the company as a whole to review its "strategic and financial alternatives." MoviePass, which had around 225,000 subscribers in August, sunk shares for Helios and Matheson by roughly 99% in 2018.

  • MoviePass claims it will give subscribers "appropriate refunds for their period of service already paid for" and that subscribers will not need to request their refunds, per CEO Mitch Lowe's letter on Saturday.

Go deeper: How movie theaters are surviving big tech

Editor's note: This story has been updated to reflect that MoviePass shut down on Saturday, Sept. 14.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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  2. U.S.: Total confirmed cases as of 8 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.

More than 1 in 6 black workers lost jobs between February and April

Adapted from EPI analysis of Bureau of Labor Statistics data; Chart: Andrew Witherspoon/Axios

As is often the case, the staggering job losses in the coronavirus-driven recession have been worse for black workers.

By the numbers: According to a report from the Economic Policy Institute, titled "Racism and economic inequality have predisposed black workers to be most hurt by coronavirus pandemic," more than 1 in 6 black workers lost their jobs between February and April.

Coronavirus could lower GDP by $15.7 trillion

Reproduced from Congressional Budget Office; Chart: Axios Visuals

The CBO released projections on Monday for U.S. nominal GDP to be lower by $15.7 trillion over the next decade than its estimate in January as a result of the coronavirus pandemic.

What they're saying: It predicts that when adjusted for inflation GDP will be $7.9 trillion lower over the next decade and down by $790 billion in the second quarter of this year — a 37.7% quarterly contraction.