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. The new three-movie-a-month plan also appears to have fewer restrictions on peak times or premium movies, according to the company's press release.
MoviePass, which generally pays movie theaters full price for each ticket while only charging users their subscription fee, has been struggling financially in recent months.
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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.
Currently, MoviePass subscribers can see one movie a day for $9.95 per month.
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The company will suspend surge pricing, which sometimes added as much as $8 to the cost of an individual ticket. MoviePass says 85% of its customers already see no more than three per month.
"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. "While most of our loyal subscribers shared the passion for this new accessible movie experience and experimented fairly, the fact is that a small number have used our business model to a point where it was compromising the business' long-term stability".
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The stock of MoviePass's parent company, Helios and Matheson, closed last Friday at just 7 cents. It didn't take long for the company to burn through all its cash reserves, and the company had to take out a $6 million emergency loan two weeks ago to pay for subscribers' tickets.