Beleaguered film ticketing subscription service MoviePass, who seemed to be down for much of yesterday, keeps struggling on in its attempt to survive and has introduced new measures to try and stay solvent.
The company has now issued a press release confirming it has raised its price from $9.99 to $14.95 per month over the next 30 days, and has limited access which effectively blocks off all films opening on more than 1,000 screens (ie. any wide release) within their first two weeks of release.
Parent company Helios and Matheson says these steps will reduce its cash burn rate by 60%. The company’s stock fell a further 1.41% to 79 cents upon the news, down from a high of $32.90 back in October last year. if the company continues to trade below a dollar for 30 days, it could be delisted by NASDAQ.
The company’s main rival, exhibitor AMC’s own new ‘Stubs A-List’ program, has also released its first data on their own subscription service today and is touting growth far beyond their expectations.
Deadline reports that 175,000 paying subscribers have already signed up in just five weeks of availability, meaning their first-year projections of 500,000 users by June 2019 will likely be exceeded before this year’s over. AMC CEO and president Adam Aron said in a statement:
“We are nothing less than ecstatic about the early consumer response to AMC Stubs A-List, which encourages moviegoers to come to the theatre more often, bringing their family and friends with them.
With more than 175,000 members enrolled in just five weeks, the growth of AMC Stubs A-List has far exceeded our projections. We also find it reassuring that we consciously designed AMC Stubs A-List to be a profitable program with a price point that is loaded with consumer value while also being sustainable for us and for our guests.
A-Listers get a choice of every movie including the newest blockbusters, in every format including IMAX, Dolby Cinema and RealD 3D, at every U.S. AMC location, bookable online and in advance, with no annoying or unreasonable surge/peak pricing, up to three times per week, all for just $19.95 per month (plus tax).”
The Stubs A-List program is available through AMC’s website.