Less than a week after the app8217;s parent company announced it was raising prices 50% to $14.95 and limiting access to new movies, the struggling firm has changed tack. It is not raising prices and will still offer access to 8220;some8221; first run films. However, the days of being able to see a film every day of the month are numbered.
The current $9.95 a month plan will remain priced as such. However, cinema-goers restricted to just three movies a month, from August 15. MoviePass says only 15 per cent of its current members see four or more movies per month, so the change will have no impact on 85% of customers.
The consolation prize for the other 15% is they8217;ll be able to get $5 off the fourth ticket (and other subsequent tickets). The company is also getting rid of surge pricing and the need to verify ticket stubs with a photo.
It writes: 8220;We have heard – and we have listened to – our MoviePass Community and we will not be raising prices to $14.95 a month. The new plan is focused on usage by the bulk of our subscribers who have historically used MoviePass to attend three movies or fewer a month.
8220;Additionally, the new plan addresses past misuses which imposed undue costs on the system, including ticket scalping, unauthorized card usage and other activities, which in the past necessitated the use of certain remedial measures that have sometimes been inconvenient for our subscribers.8221;
The firm believes these new measures will cut costs by 60 per cent, which will stop the financial bleeding and help it move towards profitability. It says it needs 5 million subscribers to get into the black, and is currently hovering around the 3 million mark.
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