MoviePass Makes a Major Change to Subscription Plan

Sergio Cunningham
August 7, 2018

Short on cash, battered by investors and pronounced dead by critics recently, MoviePass will soon begin limiting customers to three movies a month, a major change from its current allowance of one a day. "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 new plan, the first three films will be covered by your monthly fee. Those who see more than three movies per month will get a discount if they purchase via the MoviePass app, which could be anything from $2 to $5 per ticket, Lowe says. At $9.95 per month, MoviePass is significantly cheaper than a single movie ticket. As a result, the company expects the new subscription model won't affect 85 percent of its customers.

This change will likely be unpopular, too, but at least MoviePass is ending the scourge of unavailable showtimes and entire theaters, Peak Pricing lightning bolts and the severe limits on new releases.

Now, many of those changes are being rolled back, though MoviePass isn't returning to its "good old days".

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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 embattled MoviePass is taking out all the stops to survive. 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.

The company's most recent announcement will help create "long-term stability", according to the release. "However, any industry-wide disruption like MoviePass requires a tremendous amount of testing, pivoting, and learning", MoviePass CEO Mitch Lowe said in a statement.

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