MoviePass says only 15 percent of its more than 3 million users see four or more movies a month, so most customers won't be affected (but it'll come as a blow for the diehards who saw as many movies as their plan and time allowed). "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".
After weeks of chaos that's left many customers without a means to access the one-price, almost unlimited moviegoing experience they signed up for, MoviePass has announced an overhaul to its pricing and attendance offerings that dramatically dials back the one-movie-per-day promise that lured so many people to the service in the first place. At $9.95 per month, MoviePass is significantly cheaper than a single movie ticket.
The change is part of a new model MoviePass hopes will "ensure long-term stability".
Peak Pricing and Ticket Verification policies are also being suspended.
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MoviePass Chief Executive Mitch Lowe said in an interview that the new policy, which takes effect August 15, will reduce the company's cash burn rate by more than 60% and make its attempted transition to profitability "more manageable". MoviePass recently announced that it wouldn't be letting customers get tickets for any big release in the first two weeks of its opening, which caused a predictable backlash.
The new plan will also include "many major studio first-run films".
The app suffered a minor meltdown last month when Helios & Matheson ran low on cash, causing the app to stop working. Under peak pricing, subscribers faced paying up to an additional $8 for select movies. Strapped for cash, the company was forced to take out a $6.25 million loan to pay the merchant and fulfillment processors.