The name Netflix is more well-known than MoviePass, but the latter wants to give you unlimited movies for just $9.95.
Mitch Lowe, MoviePass CEO and a Netflix co-founder, has a heck of a bargain for potential subscribers. On Tuesday, the monthly price for unlimited movies dropped to $9.95, roughly the same price as a Netflix subscription and less than the price of one movie ticket at most major theaters. This allows subscribers to see as many movies (excluding 3D and Imax) as they want a month (limited to one per day) for $10, at any major U.S. theater.
Lowe came on board as CEO in June 2016, though the company has been around since 2011. However, its initial subscription price of $30 didn’t draw in the numbers its was hoping for, especially not in an increasingly cluttered streaming landscape. This move also has a lot to do with the movie-going habits of viewers, the increasing price of movie tickets, and steady box office decline. Lowe told Bloomberg that MoviePass wants to make it easier for patrons: “People really do want to go more often. They just don’t like the transaction.” In 2016, the company claimed 75 percent of its subscriber base was millennials.
This major drop in price was made possible by MoviePass selling a major stake to data firm Helios and Matheson Analytics Inc., which plans to cull data on viewing habits in an effort to “understand our fans.”
As of Tuesday afternoon, the site had crashed.
We're pumped that you're excited about our $9.95 plan!! Thx for your patience as we work to get the site/app back up and running! pic.twitter.com/f43FhqmtZN
— MoviePass (@MoviePass) August 15, 2017