MoviePass is raising its price and cutting access to blockbusters
01 August, 2018, 03:26 | Author: Angelina Schmidt
Over the weekend, MoviePass would not allow its users to buy tickets for Mission: Impossible - Fallout, the biggest movie now in theaters. The reason for this is that while the subscriber only pays $7.95/$9.95 per month, MoviePass pays the full ticket price for every movie that the subscriber goes to watch. The company will also raise the price of a subscription by 50 percent to $14.95 per month. "If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass, Inc".
Its possible the latest changes are the only way for the company to survive after it suffered cash outages on Monday and Thursday, leading subscribers to believe the company could be on the verge of folding, according to published reports. Most recently MoviePass simply ran out of money and, as a result, folks over the previous weekend weren't able to buy movie tickets.
MoviePass is also facing some big competition: Less than an hour after the company announced its plans Tuesday, the theater chain AMC said it has enrolled 175,000 people in its own, similar service within the first five weeks of its debut.
The company said it made the decision "to both limit cash burn and stay loyal to its mission to empower the smaller artistic film communities", according to BuzzFeed.
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As Business Insider revealed, this weekend's Christopher Robin and The Meg won't be available either - and by the way, both of those movies are now featured on the MoviePass app's "Coming Soon" section; perhaps they ought to fix that. That's a great idea, but then why this past weekend were indie titles like Sorry To Bother You, Three Identical Strangers, and Blindspotting unavailable in multiple theaters on my app? The $10-per-month subscription fee is often cheaper than the price of even one ticket to the movies, especially in major cities where a 2D screening can be as high as $17. After announcing it will be drastically limiting which movies you can see with MoviePass and drastically reducing the number of theaters that are supported, how about a price hike? "This change has already begun rolling out, with Mission Impossible 6 being the first film included in the measure".
"These changes are meant to protect the longevity of our company and prevent abuse of the service", MoviePass CEO Mitch Lowe said in the press release.
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But, Variety notes, this is only a temporary measure for MoviePass, which has been burning through its cash since it first implemented its radical price drop from $50 a month to $10 a month in August of past year.
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