It’s no secret that movie theaters have been struggling lately. With so many movies available online; on Netflix, Hulu and Amazon, the average person sees little need to go out of their own way to see a movie in theaters. I mean, who cares about seeing the latest movie when ticket prices are high, and interest is low? Poor turnout has caused several theaters in my town alone to shut down over the past few years, and it seemed that going to the movies was becoming a pasttime that not many folks were engaging in.
However, that may be set to change. MoviePass, the company that allows consumers to see as many movies as they want per month – for a hefty fee – has just gutted their fee. What was once a monthly charge of $50 (kinda steep if you ask me) is now a mere $9.95 (That’s…cheaper than a single matinee showing).
The deal goes like this: MoviePass subscribers can see as many movies as they want on regular 2D screens, and limited to once-per-day. Now, the new low price of the service may encourage a robust customer base.
MoviePass’ CEO Mitch Lowe is behind this pivotal decision, and it might be wise to trust his instincts. Lowe is an former executive for Netflix who helped the company thrive before it was everyones favorite streaming service, and he’s the former president of Redbox. In short, Lowe has been working for years to make entertainment more convenient, and less expensive.
And while investors are skeptical that this radical decision will work, the internet, on the other hand, is running mad with the idea. Several websites that have heralded this story have shut down due to heavy traffic, and the MoviePass website itself is just barely chugging along. Does this mean MoviePass just won itself a cavalcade of new customers? It’s entirely possible, so long as interest holds strong amongst potential consumers.
I first heard about MoviePass from an East Coast friend of mine about two years ago. It seemed like a good idea then, but the downpayment was always the barrier that prevented me from seriously considering that kind of service. But…10 bucks? Sign me up. No, seriously, I’m signing myself up for the service right now so I can save some money!
Stay tuned, we’ll be on lookout for any future developments.[via Bloomberg]