After several outages in the last few weeks that many say was linked to lack of cash today MoviePass announced a few changes to become more profitable. Including a plan to raise the price of their standard plan to $14.95 a month within the next 30 days.
“These changes are meant to protect the longevity of our company and prevent abuse of the service. While no one likes change, these are essential steps to continue providing the most attractive subscription service in the industry. Our community has shown an immense amount of enthusiasm over the past year, and we trust that they will continue to share our vision to reinvigorate the movie industry,” said Mitch Lowe, MoviePass CEO.
Here are the changes MoviePass is making:
- Actions that have been implemented are currently cutting the monthly burn by 60%.
- A future increase of the standard pricing plan to $14.95 per month within the next 30 days.
- First Run Movies opening on 1,000+ Screens to be limited in their availability during the first two weeks, unless made available on a promotional basis,
- Implementation of additional tactics to prevent abuse of the MoviePass service.
“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, MoviePass will begin to limit ticket availability to Blockbuster films. This change has already begun rolling out, with Mission Impossible 6 being the first film included in the measure. This is a strategic move by the company to both limit cash burn and stay loyal to its mission to empower the smaller artistic film communities. Major studios will continue to be able to partner with MoviePass to promote their first run films, seeding them with a valuable moviegoing audience.” Movie pass said in a statement sent to Cord Cutters News.
No exact date has been set for when Moviepass will raise their price.
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