Moviepass On Its Last Leg Promises a 50% Price Increase Within 30 Days
We have been covering MoviePass extensively on our site. Mark has a great review on the service, if you’re not familiar with it. It was all going great, for everyone for a while, but recently, MoviePass took a nosedive. They even shut down temporarily last week after running out of cash. If you’re already a subscriber and are not interested anymore in their ups and downs, you can easily cancel your subscription. But if you’re sticking with them, there’s some changes coming to the service, aimed at keeping it alive.
MoviePass Price Increase and Limitations
In a press release sent Tuesday, MoviePass announced that within the next 30 days, the monthly subscription price for the movie-ticketing service will rise to $14.95 per month.
MoviePass will also restrict major Hollywood releases. Movies released on more than 1,000 screens would be “limited in their availability during the first two weeks, unless made available on a promotional basis.”
“We believe that the measures we began rolling out last week will immediately reduce cash burn by 60% and will continue to generate lower funding needs in the future,” said CEO Ted Farnsworth.
The news sent HMNY as high as $2, up from their opening price of $0.73 following the announcement. But it quickly dipped even lower and it is now trading at $0.55. Yikes!
Conclusion
Even with these steps, MoviePass doesn’t seem like it will be around for much longer. Enjoy it while you can.
Let us know what you think!
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As an annual subscriber, I find it exasperating that they sold one thing and then keep changing it. I only have one theater in my town, and there keep being fewer and fewer options for movies.
Seen 53 movies since the first of the year and gathered about 25,000 reward points on the various theater platforms. I’m okay with the return on my $50 investment.
a dog with fleas…
is it all just a scam in investors ?
They didn’t have a shut down. They just “had a technical issue with card based check-ins”. There is no issue with E-ticketing theaters ;-)!