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Topic: Meet the Lone Loser in MoviePass Hitting 1 Million Members
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Marcel Birgelen
Film God
Posts: 3357
From: Maastricht, Limburg, Netherlands
Registered: Feb 2012
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posted 07-31-2018 06:54 AM
Had some friends from the U.S. over yesterday. One of them is a MoviePass subscriber for over half a year, so I had a little chat about his experience.
According to him, it has been a hit-and-miss most of the time. In the beginning, it mostly went fine, besides the app often crapping out at the moment he arrived at the theater.
At least according to him, they've been playing this game to discourage subscribers from actually using the service for a while now:
Those missing showtimes for popular features is nothing new or when they're listed you would often get a random error while trying to book them. Some theaters were not listed at all or were listed, but offered no show times. In some cases, the show times weren't up to date and listing the show times from a while ago. Also, his favorite theater was only available on Thursday, the day all tickets sold for $5...
He ended paying full price for the movies he really wanted to see. Not being able to reserve your seat while most others get the opportunity, often ends up with you being stuck in a shitty seat.
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Frank Cox
Film God
Posts: 2234
From: Melville Saskatchewan Canada
Registered: Apr 2011
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posted 08-06-2018 01:36 PM
MoviePass will limit customers to three movies per month
quote:
MoviePass, the struggling movie subscription service, will limit customers to three movies per month.
The company is trying to burn less cash so it can stay in business.
Under the previous plan, customers could see one movie per day in theaters. The change to three movies per month takes effect August 15. MoviePass says 85% of its customers already see no more than three per month.
"It has become clear that a small number — only 15 percent — of the subscriber base has been stressing the system," Ted Farnsworth, the CEO of parent company Helios and Matheson (HMNY), said in a news release.
If a subscriber wants to see more than three movies per month, the company will offer a discount of up to $5 on additional movie tickets.
The company also announced Monday that it will keep the monthly subscription price at $9.99. It is backing away from a plan, announced just last week, to raise the price to $14.99.
As part of its new model, MoviePass is doing away with a bunch of other changes, too.
The company will suspend surge pricing, which sometimes added as much as $8 to the cost of an individual ticket. And it will no longer enforce ticket verification, which required users to take a picture of their ticket stub and submit it to the company as a way to stop abuse of the service.
The new plan will also include "many major studio first-run films," according to the company. That reverses a change announced last week that would have cut access to blockbusters within the first two weeks of release.
MoviePass CEO Mitch Lowe described the changes in an interview earlier Monday with The Wall Street Journal.
"I should have accelerated the process of reducing the burn faster in hindsight," he told the newspaper. "Now I realize no matter how patient investors say they will be, they never are."
Helios and Matheson stock has plunged as investors have grown increasingly doubtful about the viability of MoviePass.
The stock plunged from $39 last October to just 8 cents last month. The company approved a reverse split — a cosmetic change that boosted the stock 250-fold, back up to $21. Since then it's fallen all the way back to 7 cents.
The stock gained 2 cents on Monday after the new plan was announced.
Two weeks ago, the company also borrowed $5 million in cash to pay its merchant and fulfillment processors after it had a service outage and couldn't afford to pay for movie tickets. It later said it paid back that loan.
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