MoviePass continues to struggle as it attempts to rebuild and regroup. Subscribers continue to unsubscribe and abandon the moviegoer subscription-based service. According to Variety, the company has parted ways with Chief Product Officer Mike Berkley. Berkeley is an industry vet who had spent time working at a variety of companies such as Spotify, Viacom, and Comcast. The company hired him to help improve customer experience and its product strategies.

Berkley previously released a statement earlier this year calling MoviePass one of the most exciting companies to come out of the entertainment industry in the past few years.

Berkley said that MoviePass would bring in a renaissance for theatrical movies. Berkley did not comment publicly on why he exited but did confirm that he was no longer with the company.

MoviePass was originally a major hit

Complex reported that Berkley's exit was a serious blow for the company that was a star on Wall Street last year. MoviePass was the talking point in the summer of 2017 when it launched its one-movie-a-day-subscription for $9.95 a month. This plan drew millions of subscribers.

The offer ended up hurting MoviePass financially and losses began adding up. The company's stock was placed under review this past summer after MoviePass was forced to shut down temporarily. [VIDEO]They eventually ended the one-movie-a-day plan.

MoviePass faces compounding financial troubles

MoviePass continues to look for a profitable model.

Since 2011, the ticketing company has launched several pricing and service formats. The most popular one was launched in 2017, and offered one movie a day for $9.95 a month. The company saw its stock plummet almost 50 percent earlier in the summer as subscribers began canceling their subscriptions.

MoviePass is also facing a lawsuit from several investors [VIDEO], claiming the company misled them on the sustainability of the business plan. MoviePass tasked Mike Berkeley with improving customer service as the company worked to build something meaningful. The company ran out of money in July and was forced to borrow $5 million, and now, has capped subscribers at three movies a month.

Parent company Helios & Matheson's chairman Ted Farnsworth previously said the company would be worth $1 billion, but ended this past week with a market value of $15 million. Corporate analyst Austin Moldow previously analyzed MoviePass but has now put it aside because of its failings.