MoviePass Slashes Offering to Three Films a Month

07 August, 2018, 22:27 | Author: Heather Diaz
  • Movie Pass revamps plan again will offer customers 3 movies a month for $10

If a subscriber wants to see more than three movies per month, the company will offer a discount of up to $5 on additional movie tickets.

After several outages in the last few weeks that many say was linked to lack of cash, MoviePass has been looking at ways to become more profitable.

MoviePass also announced it was abandoning its previously announced price hike. "Any theater. Any day." on its website, has seen its stock lose almost all its value over the past two weeks as its app has crashed over and over due to a lack of funds.

Under the previous plan, customers could see one movie per day in theaters.

"Any industry-wide disruption like MoviePass requires a tremendous amount of testing, pivoting, and learning", CEO Mitch Lowe said in a statement, adding that the new pricing will "help to stabilize our business model".

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In lieu of the proposed price increase to $14.95 a month, the service will keep its subscription price to $9.95 monthly.

Additionally, peak pricing and ticket verification will also be suspended. At $9.95 per month, MoviePass is significantly cheaper than a single movie ticket.

Current monthly subscribers can switch to the new plan when their current plan comes up for renewal, MoviePass said.

MoviePass has grown to 3 million subscribers, from about 20,000, since it slashed monthly rates almost a year ago to $10, from as high as $50. Because MoviePass typically pays theaters the full cost of tickets - $15 or more in big cities - a single movie can put the service in the red. In attempt to burn less money, MoviePass announced it would not be offering major tentpole releases like "Mission: Impossible - Fallout" on its service during the first two weeks of release. Starting from August 15, users will be limited to watching only 3 movies using their MoviePass subscription every month. Parent company Helios and Matheson Analytics had to beef up its shares by executing a 1-250 reverse split, and sellers still dumped the stock.

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