Those who see more than three movies per month will get a discount if they purchase via the MoviePass app, which could be anything from $2 to $5 per ticket, Lowe says.
Once again, MoviePass CEO Mitch Lowe struck an apologetic tone, citing the "many challenges" the company has faced, adding that these new changes will add "stability" to the "industry-wide disruption" that is MoviePass. Last week, the company said it would raise the price of its plan from $10 to $15 per month, but that's no longer the case. Lowe said in an interview with the Wall Street Journal that the move will reduce the company's cash burn rate by more than 60 percent and make it "more manageable" to become profitable.
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This change will likely be unpopular, too, but at least MoviePass is ending the scourge of unavailable showtimes and entire theaters, Peak Pricing lightning bolts and the severe limits on new releases.
The new plan will also include "many major studio first-run films". The company also raised its subscription fee to $14.95 per month, up from the previous $9.95 per month fee.
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MoviePass Chief Executive Mitch Lowe told The Wall Street Journal that the change will take effect beginning August 15. We are now creating a framework to provide the vast majority of subscribers with what they want most - low cost, value, variety, and broad availability - and to bring some moderation to the small number of subscribers who imposed undue cost on the system by viewing a disproportionately large number of movies.
The embattled MoviePass is taking out all the stops to survive. Users would have to wait a few weeks before using their subscription to see blockbuster films. 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. Helios & Matheson shares have fallen almost 100 percent this year, to 10 cents. And even after one movie, it'll pay for itself each month. The company has since paid back the loan, reported WSJ.
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