MoviePass to Stop Granting Tickets for Some Big Studio Movies

01 August, 2018, 03:28 | Author: Eleanor Thompson
  • MoviePass

For the past year, moviegoers could see any movie on any night they pleased, as long as it was the first movie they watched that day.

MoviePass sells subscriptions for $9.95 a month.

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The price increase will take effect "within the next 30 days", the company said in a news release. MoviePass last week had blamed this on technical issues, but a subsequent SEC filing revealed that the real reason why members using the card were stranded at the box office had to do with the lack of cash in the company's bank accounts. After hitting rock bottom last week when the ticking service ran out of cash, the company was forced to borrow a $6.2 million loan to turn the app back on. Most recently MoviePass simply ran out of money and, as a result, folks over the previous weekend weren't able to buy movie tickets. Movies opening on more than 1,000 screens will have limited MoviePass availability for the first two weeks, unless a studio partners with MoviePass for a special promotion. Shares of AMC Entertainment Holdings (AMC.N), the biggest US movie theater chain which offers a rival ticket service, jumped 7.5 percent in midday trading.

MoviePass said the change was being made "in an effort to maintain the integrity of the MoviePass mission, to enhance discovery and to drive attendance to smaller films and bolster the independent film community".

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Implementation of additional tactics to prevent abuse of the MoviePass service. While no one likes change, these are essential steps to continue providing the most attractive subscription service in the industry. MoviePass CEO Mitch Lowe reportedly told employees in an all-hands meeting that the app wouldn't include access to "Christopher Robin" or "The Meg" for its customers. As a movie ticket can cost anywhere from $8-$20, you can see why the company is running out of money. This is no different than other in-home streaming options that often don't carry the latest shows or movies that may be available on other services.

MoviePass already did that with the new "Mission Impossible" movie, which opened this past weekend.

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In addition to the aforementioned measures, MoviePass reiterated that it aims to gain revenue by other streams, including selling data from its subscribers to third parties and continued rollout "and refinement" of the Peak Pricing program.

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