MoviePass, the financially troubled movie subscription service, is limiting screenings to three a month, the service announced Monday. "We discovered over several months of research that our customers value a low monthly price above almost everything else, so we came together to create a plan that delivers what most of our loyal MoviePass fans want, and one that, we believe, will also help to stabilize our business model".
MoviePass Chief Executive Mitch Lowe told The Wall Street Journal that the change will take effect beginning August 15. However, MoviePass claims that only 15 percent of its members actually watch four or more movies per month.
MoviePass is changing up its subscription plan once again.
MoviePass has shown that many moviegoers will make time to hit theaters when movies are affordable, despite more convenient options such as Netflix and video on demand.
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Additionally, peak pricing and ticket verification will also be suspended. Now, in a bid to pacify its users and stop all that criticism, MoviePass today announced that it will not be raising its subscription price to $14.95/month as it had previously announced.
Though the company gained more customers, it struggled to keep up financially, as it has to pay the full price of a ticket at most theaters.
The move, a 90 percent drop from its current movie-a-day policy, is aimed at reducing the amount of cash the company burns through each month. Helios & Matheson shares have fallen almost 100 percent this year, to 10 cents.
"All along, we've known that we need to invest heavily to prove our business model and bring enough subscribers into the business to truly understand their usage patterns and allow us to leverage ancillary revenue opportunities". In an interview with the WSJ, CEO Mitch Lowe confirmed that the price will remain at $9.95 per month, and that there will be no two week moratorium on new releases.