Netflix co-founder Mitch Lowe took over MoviePass in 2016, and now he's offering something that most will find hard to believe. As movie theaters now have to compete with Netflix, Amazon Prime Video, Hulu, and the like, it's no question their sales are dwindling. This is where Lowe comes in. MoviePass, a startup whose business model initially mirrored that of a gym membership and charged $30 monthly, is taking a new turn and offering a $9.95 movie ticket subscription. This subscription, the monetary equivalent of one month of basic Netflix, allows customers to watch one movie per day at participating U.S. theaters that accept debit cards. MoviePass is even valid on opening night showings, but 3D and Imax screenings are excluded.
MoviePass will subsidize movie ticket costs for subscribers, and this puts them in a place to potentially lose a lot of money. However, the company has also raised funds by selling a majority stake to Helios and Matheson Analytics Inc. with hopes of garnering a large customer base to collect data on viewing behaviors. They then would like to use this data to target the right audiences for their advertisements and other marketing efforts to maintain and gain more subscribers.
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Undoubtedly, the high price of movie theater tickets is a big reason why customers don't visit as often as they used to years ago. MoviePass is enticing to frequent movie-goers and the occasional viewer alike because either way, one payment of $9.95 per month is still cheaper than a single adult movie theater ticket, which is priced anywhere between $12 to $14 during regular times. If you're interested in pursuing this offer, check out MoviePass here, and you can even score a two-week trial to test it out before committing to a subscription. If you do move forward, you'll receive your MoviePass card in the mail in 5 to 7 business days, which will be used to redeem your theater ticket at the box office or kiosk. Note that it is required to download the MoviePass app (iOS or Android) to browse over 4,000 theaters and showtimes. The MoviePass subscription can be canceled at any time.
What are your thoughts about MoviePass? It seems like it is too good to be true, but we haven't caught any red flags (yet). According to @kristenyoonsoo on Twitter, this price of $9.95 will be guaranteed for at least the next 12 months. If you try it out, let us know in the comments below how it worked for you!