MoviePass just killed its signature unlimited movie plan
07 August, 2018, 03:38 | Author: Irvin Gilbert
MoviePass plans to drastically cut the number of movies its subscribers can see - to three a month. MoviePass pays full price for each ticket a subscriber uses, meaning that after a subscriber sees a second movie in a month, the company is operating at a loss.
The company will keep the monthly subscription price at $9.95.
That represents a sharp reduction from the current limit of one movie a day, and marks an attempt to stabilize MoviePass' finances after previous attempts, such as "peak pricing" surcharges and an increased monthly fee, met with opposition from users.
For example, if a MoviePass user wants to see the "Aquaman" movie this winter they should be able to see it at MoviePass-compliant theaters on opening weekend, with none of the issues that plagued the service during the opening of the latest "Mission: Impossible" film. The planned changes will go into effect on August 15-assuming they don't make any more changes like, you know, tomorrow. As a result, the company expects the new subscription model won't affect 85 percent of its customers.
For the last many weeks, MoviePass customers have been annoyed by the many changes to the service, to say the least. The impact was immediate: the subscriber base has jumped from 20,000 then to over three million today. In a Securities Exchange Commission filing in April, Helios and Matheson Analytics (HMNY), MoviePass's parent company, disclosed that it estimated its average cash deficit was over $20 million a month for the seven months through April. And it will no longer enforce ticket verification, which required users to take a picture of their ticket stub and submit it to the company as a way to stop abuse of the service. The company has since paid back the loan, reported WSJ.
The stock gained 2 cents on Monday after the new plan was announced. In doing so, MoviePass is rescinding a recent cost-cutting move of barring viewings of most major releases during the first two weeks.
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