MoviePass's pricing is cheaper than Sinemia - MoviePass is $9.95 per month for three tickets, while Sinemia is $14.95 for three movies - but MoviePass still has some restrictions on what movies you can see, while Sinemia has zero restrictions on what movies you can see, and also lets you into IMAX and 3-D shows as well.
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.
"Because only 15 percent of MoviePass members see four or more movies a month, we expect that the new subscription model will have no impact whatsoever on over 85 percent of our subscribers", MoviePass said in a press release.
In effect, the new MoviePass plan is similar to Sinemia, another movie-subscription service that has been running for a while, offering customer a limited number of movie tickets per month. 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.
While these changes brought in a rush of new customers, the cost to keep them proved too much for the company to sustain. The planned changes will go into effect on August 15-assuming they don't make any more changes like, you know, tomorrow. Additionally, the service is also doing away with surge pricing for big movies on opening weekends.
MoviePass CEO Mitch Lowe blamed the change on the small number of users who were taking advantage of the "unlimited" promise. Stock for its parent company, Helios & Matheson, is now at a little under $0.10 per share-a month ago it was over $47.
MoviePass has grown to 3 million subscribers, from about 20,000, since it slashed monthly rates almost a year ago to $10, from as high as $50.
The stock plunged from $39 last October to just 8 cents last month. The company has since paid back the loan, reported WSJ.
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