Hot off the heels of Moviepass borrowing emergency funds to stay in business and entertaining the notion of a price increase, MoviePass is now limiting how many movies you can see each month. You won’t be able to see a movie every day with your plan effective August 15th. Sorry movie lovers. Now you can only get tickets for three films a month, and get up to $5 off tickets beyond that.
MoviePass CEO Mitch Lowe says that the move will slash the company’s cash burn rate by over 60 percent. Although obviously fans of the service won’t like this news.
MoviePass says only 15 percent of its more than 3 million users see four or more movies a month, so most customers won’t be affected. The company also thinks that this new plan will also reduce misuse of the system. Last week, the company announced that it would raise the price of its plan from $10 to $15 per month, but that is no longer the plan.
Annual subscribers won’t be affected until renewal time, and monthly subscribers will have the choice to switch over or cancel when it’s time to renew after August 15th. MoviePass will suspend surge pricing and ticket verification for those who move to the new plan. The new plan includes “many major studio first-run films,” hmmmm. So maybe some movies might be off-limits. What do you think of this latest news?
Source Engadget
Filed Under: Entertainment News