MoviePass, the once cool subscription service that tried to revolutionize the movie business, are suddenly finding themselves backed into a corner due to low funding. These past few weeks saw thousands of people furious that their pre-paid debit card from MoviePass was empty while trying to catch the latest blockbusters. It got so bad that they had to be loaned 5 freagin million dollars!
In a stunning move today, the company has decided to jack up the price of its standard one movie per day plan from the current $10 per month to $15 per month. That change will go into effect “within the next 30 days” according to MoviePass. Additionally, tickets to first run movies opening on at least 1,000 screens will be limited for the first two weeks.
“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,” CEO Mitch Lowe said in a statement. “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.”
Meanwhile, companies like AMC are taking advantage of MoviePass’ shakiness with their own A-List Stubs program. According to reports from Deadline, the initial surge in membership is well ahead of the chain’s expectations. At the time of launch on June 26, 2018, AMC expected to hit 500K members one year from launch at the end of June of 2019, and 1 million members two years from launch, at the end of June of 2020.
From Adam Aron, AMC CEO and President:
“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.”
Aron added, “Because AMC Stubs A-List benefits our guests, our valued industry and studio partners, and our shareholders, we expect A-List will endure over the long-haul. Accordingly, we are excited to continue welcoming current and new AMC guests to enjoy AMC Stubs A-List, which offers the very best of AMC. AListers 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).”
As we wind down the summer movie season or the “summer slump”, this might be the writing on the wall for the company. Many other subscription services are also out there, some even from the theaters themselves. If you are a cinephile like me, definitely check out all the options out there and see which suits your budget and viewing needs.
Or you can just wait for it on Blu-ray in like, 3 months time.