MoviePass was pretty much the greatest thing to ever happen to the movies...until it wasn't. The financially troubled company that once allowed you to go to unlimited movies for just 10 dollars a month came under fire last week when they announced a 50% rate increase AND limited access to big releases - basically the movie equivalent of Uber's surge pricing.
The move came because of the company's plummeting stock prices - it lost $107 million in the first quarter of 2018 alone.
Because everyone got so upset about the rate hike, MoviePass decided to roll it back to the original $9.95 a month, but there's a catch. You'll be able to see only three movies per month for that price, with additional movies after those three coming at a $2 to $5 discount.
The limit is based off of their average customer, which uses MoviePass to see only two or three movies a month. Only 15% of their current customer base uses it more frequently, but some of those frequent users are the reason that the company is bleeding cash.
In all honesty, the deal is pretty good for the average moviegoer. Think about the cost of going to the movies three times in a month...it's probably about $25 or $30 depending on where you go. So $10 for 3 movies IS a pretty good deal. But if social media is any indication, the damage may already be done.
If I had a nickel for every time Movie Pass changed my subscription, I think I would have 75 cents at this point.— Ryan (@RCHunziker) August 6, 2018
Someone tell MoviePass that White Elephant gift exchange is not a great business model. https://t.co/VdJfF1X0ss— Phillip Henry (@MajorPhilebrity) August 6, 2018
I've tried to use moviepass twice this week. Denied both times. Now the limit is three movies? I guess that would be an upgrade if everything wasn't grayed out.— CJ Watson 🌊🎗️💙 (@cjwatson) August 6, 2018
Yup... MoviePass is officially DEAD!!!— Lakel Smith (@Kc_Dc_Lc) August 6, 2018
"Under our new plan, MoviePass members will be able to see up to threestandard movies a month for $9.95, and be given up to a $5.00 discount to any additional movie tickets... https://t.co/vUzX5H4Bw5
Will MoviePass survive? My guess is no, but until it dies, lemme run take advantage of those three movies a month real quick!