Revolutionary Company MoviePass Drops Prices Drastically

#1

MoviePass CEO, Mitch Lowe, says that they did a soft launch recently and found that there is a lot more interest and demand for their service than they had expected. The found that customers were looking for ways to be on an annual plan and a way to be able to gift MoviePass to friends and family.

#2

MoviePass is planning on becoming the NetFlix for cinema goers, but right now, they are focusing on building their customer base instead of turning a quick profit. Since MoviePass pays the theaters full price for their tickets, which is quite costly with ticket prices costing $8 and up per person in most theaters, this one-year subscription plan will only be available for a short period of time.

#3

Many theater owners are not happy with this service. AMC, for example, has threatened to bring legal action against MoviePass and has predicted that the company will fail altogether. The big name theaters think that customers will become complacent with paying such low fees to see movies that it will end up depressing prices which will affect their businesses. It is kind of like how NetFlix and Redbox basically made Blockbuster obsolete.

#4

MoviePass recently announced that they raised $100 million in order to fund their operations. At the moment, they are working in the red but are hopeful that they will be able to monetize all of the data it collects from their customers or that they will drive a ton of foot traffic to movie theaters that it will make movie theaters start to give them some sort of discount in exchange.

#5

Lowe is hopeful as there are many ways to make money. They can make money through advertising and marketing. Over the next couple of months, they will start testing these things. So far, they have proven that they can build a loyal subscriber base.

We will just have to keep an eye on them and see what happens next.