In a statement released on Monday, MoviePass revealed its new $9.95 price point, "which gives subscribers up to three movies a month... and up to a $5.00 discount for additional movie tickets" (via The Hollywood Reporter).
What do you think of MoviePass's new plan to become profitable? Today, it has chose to go back on that decision - the subscription cost will stay at $9.95/mo.
After initially announcing plans to hike prices and limit users from attending first-run blockbusters, MoviePass offered a silver lining to disgruntled patrons of its silver screen subscription model.
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).
Under the previous plan, customers could see one movie per day in theaters for a monthly subscription fee. The planned changes will go into effect on August 15-assuming they don't make any more changes like, you know, tomorrow. The beleaguered movie theater subscription company is also canceling two other recent changes - "peak pricing" surcharges for popular movies and a ticket verification process - that were meant to stop the company from bleeding money. As a result, the company expects the new subscription model won't affect 85 percent of its customers.
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The embattled MoviePass is taking out all the stops to survive.
Two law firms announced on Monday that they have begun seeking defendants for class action litigation against MoviePass parent company Helios and Matheson Analytics, claiming that the company over-inflated MoviePass's profitability when presenting information to investors, who then lost money.
Current MoviePass subscribers will be moved to the new plan once their current subscription renews.
The stock plunged from $39 last October to just 8 cents last month.
The move comes with a few other changes, as well, many of which are in response to customer complaints.