MoviePass Is Still a Mess, Reverses Price Hike Plans

MoviePass Is Still a Mess, Reverses Price Hike Plans

At the end of July, the service went dark because the company ran out of money, forcing MoviePass to borrow $5 million in cash to get the service back online. By limiting ticket usage, the new plan addresses what MoviePass calls past misuse like ticket scalping which imposed undue costs on the system.

MoviePass, the struggling movie subscription service, will limit customers to three movies per month.

MoviePass will reduce the number of movies its subscribers can see by 90 percent, with subscribers in the $9.95 monthly fee tier seeing their movie allowance decrease from one per day to three per month. MoviePass originally offered moviegoers the opportunity to see one movie every 24 hours. The company has scrapped its controversial plan to increase subscription prices to $14.95 a month, but in turn it will limit subscribers to three movies a month. As word that the company was operating at a $45 million deficit and counting went public in June, the service began imposing surge pricing making subscribers pay an additional surcharge to see popular films at peak times.

As part of its new model, MoviePass is doing away with a bunch of other changes, too.

Nasim Ghanadan identified a victim of Staples parking lot plane crash
A small plane crashed in the parking lot of a shopping center in California on Sunday. "It actually came down in front of us". The twin-engine Cessna plane crashed in Santa Ana, and had been bound to John Wayne Airport in Orange County, said Capt.

Additionally, peak pricing and ticket verification will also be suspended.

The new plan will not affect annual subscribers until their plan is renewed, but monthly subscribers will be moved to the new plan after August 15. At some theaters it has been common to see long lines with people holding red MoviePass cards, which subscribers can use to charge a movie to the service. In the press release announcing its new plan, the company said "the new plan will include many major studio first-run films".

"They will not be affected at all by this program, and even better, they'll stop hearing MoviePass is going out of business", Lowe told WSJ. Parent company Helios and Matheson Analytics had to beef up its shares by executing a 1-250 reverse split, and sellers still dumped the stock.

Related News:



Most liked

Gates returns for high-drama testimony against Manafort
When his consulting work dried up after the change of power in Ukraine, prosecutors say Manafort turned to using loans. "At Mr. Gates admitted in testimony on Friday that he had lied to Laporta, as well as other accountants and Manafort's bookkeeper.

Dead fetus found on plane at LaGuardia Airport
The plane was being held at Terminal B while the medical examiner's office spent several hours onboard the aircraft. The flight was parked by the hanger at LGA when the fetus was discovered, and not at the gate, CBS reports.

Elon Musk says he's considering taking Tesla private
They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla . On April Fool's Day, Mr Musk, who owns nearly 20% of the company, joked on Twitter about Tesla going bankrupt.

Becca Kufrin defends controversial 'Bachelorette' victor : 'He didn't mean it'
Becca said that while the scandal was "a hurdle", the thought of leaving him "never crossed my mind". As for Becca , she didn't utter Arie's name once in the episode.

Melania Trump praises LeBron James after her husband insults him
It's one of the more admirable charity initiatives in recent memory and has been lauded by people across the political spectrum. Ben Simmons said James is "a smart dude (and one of the most thoughtful athletes we have).You're a constant embarrassment".

Israeli troops kill one Palestinian at Gaza border protest, ceasefire efforts continue
Abdul-Latif Qanou, Hamas spokesman in Gaza, said in a statement that the marches have become very close to achieving its goals. Others, among them armed Hamas militants, have been killed in attempted border attacks or in Israeli airstrikes.

Michael Jordan says 'I support' LeBron James after Trump attack
While speaking at the TCA summer press tour on Monday, David Nevins, Showtime's president, and CEO made the announcement. James is behind a three-part documentary series, " Shut Up and Dribble ", announced Monday by Showtime.

Utility worker killed near Northern California wildfire
Firefighters had managed to contain 45 percent of the Carr blaze by Monday morning. The Mendocino Complex Fire has destroyed 75 homes and forced thousands to flee.

President Trump appears to change his story about meeting
Mueller would have the option to issue a subpoena compelling the president to testify if Trump chose not to be interviewed. It was later reported that was false and the president was involved in constructing his son's misleading statement.

9-Year-Old Boy’s Lemonade Stand Robbed at Gunpoint
Neighbour Kelly Smith said the robbery was "heart-wrenching", adding: "That little boy will never be the same". Deputies believe the suspect left a bicycle at an unknown location and walked to the lemonade stand .

TMZ: NASCAR CEO Brian France arrested for DUI in NY
France was arraigned Monday Morning at Sag Harbor Village Justice Court and was released on his own recognizance. First, here's the public story, as told by the Sag Harbor Village Police Department statement obtained by ESPN .

Google Pixel 3 release date revealed in extraordinary leak
If you've got a Pixel or Essential Phone, grab your Android Pie update today and be sure to let us know what you think of it! Also of note is that the Essential Phone is now receiving its update to Android Pie , which is a great move by Essential.

Klopp hints at more transfer business for Liverpool
Klopp is hoping to find a solution ahead of the big kickoff against West Ham United next weekend, telling the Liverpool Echo: "From six to three".

Bloody weekend in Chicago leaves 11 dead, 70 wounded
Police said a 43-year-old man was walking down the street and was caught in the crossfire, suffering a gunshot wound to the thigh. In two Twitter posts, Giuliani misspelled McCarthy's name as "Jerry", but corrected the mistake in a later tweet.

Browns trade WR Corey Coleman to Bills
Everybody wants to see, so I'm just working each and every day, putting my head down, just going after it, man". The 24-year-old has been limited to 19 games through his first two seasons because of injury.