July 12, 2018
Theatrical ticket subscription service MoviePass will offer subscribers access to Imax and Real3D movies by Labor Day weekend, CEO Mitch Lowe said in an interview.
Speaking to BusinessInsider.com, Lowe said the premium titles would cost subscribers a surcharge from $2 to $5, depending on the movie. MoviePass currently charges subs $9.95 monthly to see one standard theatrical screening per day.
“Imagine you’re a customer and now you can go to what typically might be a $17 or $18 ticket for an extra $5?” said Lowe. “That’s going to be extremely valuable.”
Meanwhile, expect to see surge pricing take effect on all 3+ million MoviePass subs by the end of this month. The program, which charges users extra to see popular movies during weekend debuts, was rolled out in select markets over the July 7-8 weekend.
Lowe said subs, which get one free pass on surge pricing per month, can avoid the price hike by watching a blockbuster movie during the week.
“Our whole mission is to reenergize the occasional moviegoer, those people who were only going four or five times a year, now they are going nine, 10, 12 times a year with MoviePass,” said Lowe.
How much all of this energizes investors remains to be seen. MoviePass corporate parent Helios and Matheson Analytics saw its stock rise more than 7% in afternoon trading after falling to a record low 17 cents per share July 11.