MoviePass just announced that stating this August it is going to switch to a ‘three movies per month’ format for the similar price tag of $9.99, though it kick off until August 15thh. The current policy of MoviePass is one movie a day, due to which users are now realising that they only have two movies in which to choose from, which is is unlike the company’s previous tagline ‘the any movie at anytime’ (via New York Post)
For example, on Friday fans had to choose between Mission Impossible Fallout or Slender Man, which although being new releases don’t have the ‘anytime’ tag anymore. The CEO of MoviePass confirmed the new two movie choices a day policy but also added that those movies might change from day to day.
“Unfortunately, in order to stay financially stable we’ve had to curtail the service,” Lowe said. “We had to right the ship as far as the amount of money we were burning.”
He also admitted, fortunately, that this is all part of MoviePass surviving until the new plans comes out since it has been a huge struggle, as the company has run out of funds many times in past few days.
“This has been a challenging time for us and our customers,” Lowe said. “We’re just trying to save our service to be able to be available long term.”
Putting that statement into context, MoviesPass lost around $85 millon around June and May and was steadily losing around 20 million a month in the prior months. Investors and Lowe believe that their switch to 3 movies per month will “help to stabilize our business model.”
“Any industry-wide disruption like MoviePass requires a tremendous amount of testing, pivoting, and learning,” Lowe said. “We are now creating a framework to provide the vast majority of subscribers with what they want most — low cost, value, variety, and broad availability — and to bring some moderation to the small number of subscribers who imposed undue cost on the system by viewing a disproportionately large number of movies.”