MoviePass Drops Monthly Price Again, Below Average Cost of Movie Ticket
Good news moviegoers: MoviePass has dropped its price again!
Bad news exhbitors: MoviePass has dropped its price — again.
On Friday, the subscription-based movie ticketing service rolled out yet another promotion to reel in new customers. This time, the monthly price is around $7.50 a month (including a processing fee) with a new annual subscription.
That’s significantly less than the $8.93 nationwide average price for a movie ticket that the National Association of Theater Owners reported last month for the third quarter of 2017.
Also Read: Innovators List 2017: 10 Hollywood Disrupters From MoviePass CEO to James Corden (Videos)
“Annual Plan — Pay $89.95 today — $6.95 a month for twelve months, plus a $6.55 processing fee,” the MoviePass site says. “Once your year is up, your plan will convert back into your $9.95 a month. Offer valid until it’s not. Limit two per household.”
So, while it will cost you less than $8 a month to see all the movies your heart desires, you are gonna shell out a little under $100 today to partake in the savings.
Existing MoviePass customers will receive 25 percent savings from their current $9.95 per month plan if they subscribe to the new plan, MoviePass said in a statement.
Also Read: AMC Theatres CFO: There Is a 'Day of Reckoning' for MoviePass Strategy
In August, MoviePass took a Netflix-inspired step by slashing its monthly subscription fee from as much as $45 to $9.95 a month in conjunction with a $27 million investment from analytics firm Helios and Matheson, who acquired a majority stake in the company.
“This limited time offer is great for movie-lovers. At $6.95 per month, it’s hard to compare it to anything else that provides as much entertainment for a full year,” Mitch Lowe, CEO of MoviePass, said in a statement to TheWrap. “We are entering the prime movie going season, so now is the perfect time to take advantage of the MoviePass movement.”
Also Read: Is MoviePass' $10 Monthly Subscription Deal Too Good to Be True?
“HMNY continues to be the biggest supporter of MoviePass, as it outpaces any other movie theater subscription service and continues to disrupt the movie theater industry,” Ted Farnsworth, Chairman and CEO of HMNY, added. “We look forward to helping MoviePass continue to broaden its reach and modernize the movie theater industry.”
Many exhibitors have objected to the MoviePass pricing plan even though the subscription service typically pays full ticket prices to theaters for its subscribers, expressing worry that consumers may become too accustomed to lower costs that can’t be maintained when MoviePass either raises its rates or goes out of business.
Related stories from TheWrap:Innovators List 2017: 10 Hollywood Disrupters From MoviePass CEO to James Corden (Videos)AMC Theatres CFO: There Is a ‘Day of Reckoning’ for MoviePass StrategyIs MoviePass’ $10 Monthly Subscription Deal Too Good to Be True?Can MoviePass’s Move to Slash Prices Make It a Netflix for the Multiplex?
Source: The Wrap