MoviePass is raising its price and cutting access to blockbusters

MoviePass is making big changes in a bid ...

Posted: Jul 31, 2018 6:04 PM
Updated: Jul 31, 2018 6:04 PM

MoviePass is making big changes in a bid to stay alive.

The service, which lets subscribers see a movie a day in the theater, is raising the price of its standard plan from $10 to $14.95 per month. The change will take effect in the next 30 days.

And some major releases will be "limited in their availability" on the service for the first two weeks they're in theaters.

It's not clear how "limited" those films will be to MoviePass users. The company did say that big movies may be made available through promotions.

MoviePass subscribers have already reported similar restrictions. For example, the blockbuster "Mission: Impossible - Fallout," which opened last weekend, was unavailable for at least some MoviePass customers.

Related: MoviePass is raising its price to $15 and cutting access to blockbusters

The changes come amid serious financial woes for the company, which borrowed $5 million last week so it could pay for movie tickets.

MoviePass is also facing some big competition: Less than an hour after the company announced its plans Tuesday, the theater chain AMC said it has enrolled 175,000 people in its own, similar service within the first five weeks of its debut.

AMC charges $20 per month for the ability to see three movies a week at any AMC location. It expects to reach 1 million members within two years.

MoviePass, meanwhile, has more than 3 million subscribers. But analysts have questioned whether it can stay in business.

Stock in its parent company, Helios and Matheson, has dropped more than 99% since last fall. The company's market value has plunged from $8.8 billion to less than $1 million.

The stock more than doubled on Tuesday after MoviePass announced the price increase, but it quickly gave up all of that gain. The stock was trading at 79 cents at midmorning.

In a new "plan for profitability," the company also noted that cost-cutting has helped bring its cash-burning under control. It has been blowing through $20 million to $40 million each month, according to regulatory filings.

- CNNMoney's Matt Egan contributed to this report.

West Lafayette
Mostly Cloudy
71° wxIcon
Hi: 76° Lo: 63°
Feels Like: 71°
Kokomo
Partly Cloudy
75° wxIcon
Hi: 76° Lo: 62°
Feels Like: 75°
Rensselaer
Mostly Cloudy
73° wxIcon
Hi: 76° Lo: 61°
Feels Like: 73°
Fowler
Mostly Cloudy
71° wxIcon
Hi: 75° Lo: 61°
Feels Like: 71°
Williamsport
Mostly Cloudy
65° wxIcon
Hi: 74° Lo: 63°
Feels Like: 65°
Crawfordsville
Mostly Cloudy
70° wxIcon
Hi: 69° Lo: 61°
Feels Like: 70°
Frankfort
Mostly Cloudy
70° wxIcon
Hi: 74° Lo: 61°
Feels Like: 70°
Delphi
Partly Cloudy
74° wxIcon
Hi: 77° Lo: 63°
Feels Like: 74°
Monticello
Partly Cloudy
74° wxIcon
Hi: 78° Lo: 65°
Feels Like: 74°
Logansport
Partly Cloudy
72° wxIcon
Hi: 76° Lo: 61°
Feels Like: 72°
Comfortable weekend with a few spotty showers & t'showers...
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 771299

Reported Deaths: 14005
CountyCasesDeaths
Marion1059471808
Lake570611031
Allen43193700
Hamilton37458426
St. Joseph37420568
Elkhart29819471
Tippecanoe23584231
Vanderburgh23431405
Porter19616327
Johnson18899394
Hendricks18168323
Clark13623199
Madison13604348
Vigo12908256
Monroe12626178
LaPorte12594225
Delaware11183198
Howard10747237
Kosciusko9810124
Hancock8799150
Bartholomew8296157
Warrick8150157
Floyd8072183
Grant7397181
Wayne7254201
Boone7236105
Morgan6948143
Marshall6358117
Dubois6301118
Cass6110112
Dearborn604078
Noble603590
Henry5971111
Jackson518677
Shelby512898
Lawrence4961127
Gibson467296
Montgomery461392
Clinton458455
DeKalb458485
Harrison456977
Huntington421382
Whitley418645
Steuben412861
Miami407273
Jasper402556
Knox393191
Putnam386862
Wabash371684
Adams355356
Ripley352771
Jefferson347187
White340954
Daviess3098100
Wells304881
Greene295985
Decatur293493
Fayette287464
Posey285435
Scott283458
LaGrange278472
Clay276049
Washington255637
Randolph248283
Jennings240449
Spencer239731
Fountain237250
Starke230859
Owen224759
Sullivan222943
Fulton209545
Jay203432
Carroll198822
Orange192756
Perry191939
Vermillion181944
Rush178627
Tipton173848
Franklin173035
Parke156816
Pike143434
Blackford138232
Pulaski124048
Newton123736
Benton110515
Brown106443
Crawford106316
Martin92715
Warren88015
Switzerland8488
Union73710
Ohio58411
Unassigned0429

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events