MoviePass launches revised pricing plans to win back subscribers
- Friday, January 25th, 2019
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After a financially challenging year that left the company on the brink of collapse, MoviePass hopes to win back customers by releasing three new tiered pricing plans and a revised unlimited movie pass. According to a report by Variety, executive VP of MoviePass Khalid Itum stated a newly restructured unlimited plan will be announced next week but did not disclose the price for this option.
Along with the unlimited plan, MoviePass has already released three tiered plans, with prices varying on location. The cheapest option, the Select plan, costs between $9.95 and $14.95 and allows users to see three movies a month with restrictions to the time of viewing. The All Access plan costs between $14.95 and $19.95, and lets members see three movies at any time per month. The most expensive plan, the Red Carpet option, costs between $19.95 and $24.95 and allows access to IMAX and 3D movies.
In August 2017, MoviePass released an unlimited plan for $9.99 a month, cheaper than the average US single ticket price. The aim was to attract more subscribers and resulted in MoviePass gaining millions of new users. The plan was so popular that MoviePass couldn’t keep up and had to add restrictions and change pricing to break even, leaving customers disgruntled and annoyed. Although MoviePass’s original version of the unlimited pass is what catapulted the company into financial turmoil in the first place, Itum is confident this new structure will bring positive change.
“Our new business strategy is stabilize, optimize, and grow,” said Itum.
Itum did not comment on the recent problems being faced by data firm Helios and Matheson Analytics, MoviePasss parent company. According to Variety, Helios and Matheson Analytics have lost hundreds of millions of dollars in the past year, and may be delisted for failing to meet Nasdaqs $1-a-share-requirement.