MoviePass will shred its monthly price to $7.95 per month with an added bonus of a subscription to movie streaming service Fandor, according to The Hollywood Reporter.
The new price model includes a $19.95 processing fee and a year commitment, however, which brings the yearly total for MoviePass and Fandor to a combined $115.35.
MoviePass subscribers previously paid $9.95 per month for the service that gives customers one movie ticket per day for an entire month. Subscribers could cancel at any time but wouldn't be able to renew their subscription for nine months.
MoviePass CEO Mitch Lowe told The Hollywood Reporter that this is a limited offer. But, he said, the company will continue to try new price models.
"We're having fun. We're energizing the movie industry, constantly experimenting, he said.
MoviePass recently hit 2 million subscribers, according to a news release sent to the Deseret News. Last month, the company touted its 1.5 million subscribers, showing continued growth for the subscription service, according to Engadget.
"MoviePass is attracting people back to the movie theaters by lowering their cost, which we believe is transformational for the industry," said Ted Farnsworth, chairman and CEO of HMNY, which owns the majority of stake in MoviePass. "We believe the data MoviePass collects from these 2 million moviegoers will become an important asset to our partners and the future of the movie industry.
Lowe said in the same news release that the companys drop to $9.95 a month helped spawn the continued growth.
"We're giving people a reason to go back to the movie theaters and they're going in droves. With awards season here, we hope we can make Hollywood and exhibitors very happy by filling seats with eager audiences," he said. "Based on the dramatic increase in the number of MoviePass subscribers over such a short period of time, we believe MoviePass will continue to grow its subscriber base significantly."
The new prices show MoviePass doubling down on its low prices, something thats spawned criticism from national movie theater chains, according to The Hollywood Reporter.
MoviePass received heavy criticism from the theater chain AMC Theatres, which initially called the service a small-fringe player. AMC contests that MoviePass' low prices can't sustain their business.
However, MoviePass recently announced it no longer covers tickets in specific AMC theater locations, specifically ones where the prices were too high for the service to cover consistently, the Deseret News reported.
Movie theaters may also fear MoviePass because it lowers the price of theater tickets in the eyes of the consumers, according to The Verge.
The Atlantics David Sims said that MoviePass continues to exhibit a show of force and will continue to succeed as long as consumers and theater chains buy in.
It seems the cinephiles are already on board, and casual viewers are coming in droves, too. If this trend keeps up, AMC and other chains are going to have to respond with more than a shrug, according to The Atlantic.
The new price model includes a $19.95 processing fee and a year commitment, however, which brings the yearly total for MoviePass and Fandor to a combined $115.35.
MoviePass subscribers previously paid $9.95 per month for the service that gives customers one movie ticket per day for an entire month. Subscribers could cancel at any time but wouldn't be able to renew their subscription for nine months.
MoviePass CEO Mitch Lowe told The Hollywood Reporter that this is a limited offer. But, he said, the company will continue to try new price models.
"We're having fun. We're energizing the movie industry, constantly experimenting, he said.
MoviePass recently hit 2 million subscribers, according to a news release sent to the Deseret News. Last month, the company touted its 1.5 million subscribers, showing continued growth for the subscription service, according to Engadget.
"MoviePass is attracting people back to the movie theaters by lowering their cost, which we believe is transformational for the industry," said Ted Farnsworth, chairman and CEO of HMNY, which owns the majority of stake in MoviePass. "We believe the data MoviePass collects from these 2 million moviegoers will become an important asset to our partners and the future of the movie industry.
Lowe said in the same news release that the companys drop to $9.95 a month helped spawn the continued growth.
"We're giving people a reason to go back to the movie theaters and they're going in droves. With awards season here, we hope we can make Hollywood and exhibitors very happy by filling seats with eager audiences," he said. "Based on the dramatic increase in the number of MoviePass subscribers over such a short period of time, we believe MoviePass will continue to grow its subscriber base significantly."
The new prices show MoviePass doubling down on its low prices, something thats spawned criticism from national movie theater chains, according to The Hollywood Reporter.
MoviePass received heavy criticism from the theater chain AMC Theatres, which initially called the service a small-fringe player. AMC contests that MoviePass' low prices can't sustain their business.
However, MoviePass recently announced it no longer covers tickets in specific AMC theater locations, specifically ones where the prices were too high for the service to cover consistently, the Deseret News reported.
Movie theaters may also fear MoviePass because it lowers the price of theater tickets in the eyes of the consumers, according to The Verge.
The Atlantics David Sims said that MoviePass continues to exhibit a show of force and will continue to succeed as long as consumers and theater chains buy in.
It seems the cinephiles are already on board, and casual viewers are coming in droves, too. If this trend keeps up, AMC and other chains are going to have to respond with more than a shrug, according to The Atlantic.
