MoviePass offers $6.95-a-month deal if you buy an annual pass
MoviePass, the startup that made news in August for offering an almost all-you-can-watch movie theater pass for $9.95 a month, is back with an even cheaper deal.
The company announced Friday that it is offering an $89.95 flat annual fee for its pass. MoviePass says the deal comes out to $6.95 a month — plus a $6.55 processing fee.
“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,” said MoviePass CEO Mitch Lowe. “We are entering the prime movie going season, so now is the perfect time to take advantage of the MoviePass movement.”
It is unclear when the offer will end. New and existing subscribers can sign onto the new annual pass, according to MoviePass.
After its $9.95-a-month offer, which allows moviegoers to use the pass to watch one movie a day, flooded its website and customer service lines in August, MoviePass says things have stabilized. The subscriber churn rate dropped from 4.2 percent in the first month after the new pricing model to 2.4 percent in the subsequent months.
In October, MoviePass
announced it passed more than 600,000 subscribers.
“I believe our ongoing investments in customer experience, usability and convenience have steadily improved customer satisfaction and retention,”
Lowe said in October.
MoviePass, which used to offer movie-going deals at a higher price, changed direction in August after the New York Citybased data firm Helios and Matheson (HMNY) bought a majority stake in the company. In November, Helios and Matheson announced it planned to raise $100 million in funding.
“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,” said HMNY CEO Ted Farnsworth in Friday’s press release.
But not everyone is happy with MoviePass. MoviePass still has an unresolved spat with AMC, which said MoviePass’s model was “unsustainable” and “only sets up consumers for ultimate disappointment down the road.”
But for now, MoviePass works at AMC — and 91 percent of theaters across the United States.