June 21, 2018
Fiscally-challenged MoviePass reportedly plans to introduce new pricing this summer targeting movies with high consumer demand.
In an interview with Business Insider, CEO Mitch Lowe said the concept includes implementing a surcharge (from $2) for blockbuster releases and other movies on opening weekend. The idea is to negate the full ticket price impact MoviePass pays exhibitors for every screening frequented by subscribers.
In its most-recent fiscal filing, parent Helios and Matheson Analytics said MoviePass was burning through an unsustainable $21.5 million monthly in the first quarter reimbursing theaters. That funding ballooned to $40 million in May.
Meanwhile, MoviePass will also enable subscribers to bring a friend and purchase tickets for Imax and Real 3D screenings.
In a statement to Gizmodo.com, MoviePass said it is keeping the $9.95 monthly pricing plan enabling subs access to one daily screening, while launching “new, on-demand options” that include ordering “tickets specifically for certain high-demand showings for a small additional fee.”
The updated pricing comes as HMNY sold 20,000 shares of preferred stock for $164 million