Starting soon, subscribers won't be able to head to the theater once a day to get the full value from their $9.95 per-month plan (a pricing structure that MoviePass continues to massage as it looks to turn a profit). "We discovered over several months of research that our customers value a low monthly price above almost everything else, so we came together to create a plan that delivers what most of our loyal MoviePass fans want, and one that, we believe, will also help to stabilize our business model".
According to the chief exec, most MoviePass users won't actually be impacted by the new policies, which go into effect on August 15. MoviePass says that existing customers will have the "opportunity" to transition to the new plan whenever their monthly subscription comes up for renewal, while people who have paid for an annual subscription will stay on the current (but rather limited) unlimited plan until their annual subscription runs out.
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And requiring subscribers to send photos of their movie tickets to justify MoviePass paying for them.
"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", he said in a statement.
Launched in 2011, MoviePass didn't catch major traction until it lowered its monthly fee to $9.95 in 2017. The company has since paid back the loan, reported WSJ.
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"They will not be affected at all by this program, and even better, they'll stop hearing MoviePass is going out of business", Lowe told WSJ.
The outage is just the latest struggle for the company.
MoviePass CEO Mitch Lowe described the change in an interview earlier Monday with The Wall Street Journal. Helios & Matheson shares have fallen almost 100 percent this year, to 10 cents.
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