Culture

MoviePass reverses pricing changes, but adds monthly movie limit

MoviePass reverses pricing changes, but adds monthly movie limit”

MoviePass will also suspend peak pricing and ticket verification for users on the new plan, and ticket restrictions on new movies - such as the one introduced with Mission Impossible: Fallout last week - are being revoked as well.

MoviePass, the financially troubled movie subscription service, is limiting screenings to three a month, the service announced Monday. Theaters called the service unsustainable soon after its introduction, accompanied by threats of legal action; MoviePass has indeed been struggling to continue its burn since then. A new pricing plan instead will keep the cost at $9.95 per month, though users will only be able to view three films across the subscription frame.

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. This change will take effect August 15.

"While most of our loyal subscribers shared the passion for this new accessible movie experience and experimented fairly, the fact is that a small number have used our business model to a point where it was compromising the business' long-term stability", Lowe said. Stock for its parent company, Helios & Matheson, is now at a little under $0.10 per share-a month ago it was over $47.

After several outages in the last few weeks that many say was linked to lack of cash, MoviePass has been looking at ways to become more profitable.

The embattled MoviePass is taking out all the stops to survive. HMNY's stock has lost virtually all of its value in recent months and is now a so-called "penny stock". The company has since paid back the loan, reported WSJ.

Early Monday morning, Moviepass announced that it's killing the unlimited movie plan that saw it rocket to fame and financial ruin.



Like this

loading...
loading...

Latest


07 August 2018
Lemonade stand robber on the run; DNA could help track him
They are asking any neighbors who may have security video from outside their home to call the Union County Sheriff's Office. Officials believe the suspect, described as a black male in his teens, made his getaway on a bicycle after the robbery.

07 August 2018
Dem: Optics of Trump Tower meeting ‘absolutely horrifying’
Later, Donald Jr said he had accepted the meeting hoping to get dirt on Mrs Clinton but he said nothing came of it. There are few people in the world more convinced of Donald Trump's greatness and brilliance than Donald Trump Jr .

06 August 2018
Liverpool face fitness concerns in defence for West Ham opener - Jurgen Klopp
But the deal collapsed amid concerns from Liverpool over issues with his medical. We have very good players, there is a good atmosphere.

06 August 2018
Kourtney calls Kim 'evil human being' in released teaser clip
Kim Kardashian just walked back comments she previously made about Tristan Thompson following his cheating scandal. ET on E! I've been really working on myself a lot and I think through my growth, I'm better at expressing myself.

06 August 2018
People Were Shot in Chicago Over the Weekend
Chicago police officers and detectives investigate a shooting where multiple people were shot on August 5, 2018, in Chicago. Waller said, "They take advantage of that opportunity and they shoot into a crowd, no matter who they hit".

06 August 2018
Nasa names astronauts for first commercial flights
SpaceX's first crewed test flight on the Crew Dragon will be flown by astronauts Bob Behnken and Doug Hurley in April 2019. SpaceX's crewed Dragon capsule will launch atop the company's Falcon 9 rocket from pad 39A at the Kennedy Space Center.

06 August 2018
Maurizio Sarri reveals who he wants Chelsea to sign this week
Aguero then set up Foden , whose low drive was stopped by the Chelsea keeper, but with 58 minutes gone Aguero put City 2-0 up. I think he is the guy most beloved in our team and today he showed me a lot of things.

06 August 2018
Everton reportedly agree deal for Yerry Mina
Mina has also agreed a five-year contract with Everton and will follow Lucas Digne, who was signed from Barcelona last week, to Goodison Park.

06 August 2018
South Sudan foes sign final power-sharing deal
A similar peace deal was signed in 2015 but fell apart a year later in a deadly battle that saw Machar flee into exile. But on Sunday the top USA envoy to Khartoum said the United States still backed the process.

06 August 2018
Venezuela Arrests 6 'Terrorists' Over Maduro Attack as Opposition Fears Reprisals
The incident was later claimed by a group calling itself the "National Movement of Soldiers in Shirts". Oscar Perez was later killed in a deadly gun battle after over six months on the lam.