MoviePass Announces Big Changes That Subscribers Will Loathe, Elon Musk Admits Even He Can’t Fix MoviePass

by 12 months ago

When MoviePass first debuted it sounded too good to be true – $9.95 a month ($6.95 at one point) to see any movie each day. Turns out MoviePass is too good to be true. On the brink of bankruptcy, MoviePass announces huge changes that will enrage their subscribers.

MoviePass announced that they are increasing the price to $14.95. While you could understand the price increase if you were to get extra features or upgrades. Sadly, MoviePass is raising the price all while taking away blockbuster films. Not exactly the best marketing ploy by a struggling company that has already angered their customer base. Remember, this is in addition to surge pricing for popular movies that they have already implemented. “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,” the company’s statement said.

But it gets better, MoviePass says that they’re doing YOU a favor by not allowing you to see the latest blockbuster films. MoviePass insists that not allowing you to watch big movies will enable you to discover smaller, lesser known films.

“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,” the press release said. “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.”

via GIPHY

Helios & Matheson, the parent company of MoviePass, secured $6.2 million on Friday to keep the service on life support. However, MoviePass could be out of money by August 5th when the balance comes due. Shares of Helios & Matheson closed at $0.4963 at the end of business on Tuesday.

Last week, MoviePass issued an apology when the service wouldn’t and they were working “towards a fix on this technical issue.” Turns out that the “technical problem” was that they have no money. That might be a great excuse when the bill arrives on a bad blind date, “Sorry, I can’t pay, my bank account is having a technical issue.”

Elon Musk, who sent an electric car into space on a rocket ship, knows MoviePass is a dumpster fire and admits that even he can’t fix the service.

The end end is nigh for MoviePass, it was great while it lasted. Best to see every possible film that you can before it croaks.

[TheVerge]


TAGSAMCBusinessElon MuskMoviePassMovies