MoviePass Is Still a Mess, Reverses Price Hike Plans

MoviePass

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.

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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.

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