MoviePass is continuing to make changes amidst its cash struggles. MoviePass says 85% of its customers already see no more than three per month.
We have heard - and we have listened to - our MoviePass Community and we will not be raising prices to $14.95 a month.
The company is trying to burn less cash so it can stay in business.
Under the revised policy, set to begin on August 15, the $9.95 a month fee remains unchanged but MoviePass will drop its surge pricing and its recent move to block sales of tickets to recently opened blockbuster movies. Any additional films seen after the third screening will come with up to $5 discounted from the regular ticket price. At $9.95 per month, MoviePass is significantly cheaper than a single movie ticket. Meanwhile, annual members will not be subject to the new three movie limit until it's time to renew their subscription.
Now, many of those changes are being rolled back, though MoviePass isn't returning to its "good old days". 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.
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"Any industry-wide disruption like MoviePass requires a tremendous amount of testing, pivoting, and learning", CEO Mitch Lowe said in a statement, adding that the new pricing will "help to stabilize our business model".
"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. Users would have to wait a few weeks before using their subscription to see blockbuster films.
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. The new plan "will include many major studio first-run films".