MoviePass Users Are Reporting Widespread Outages - Is The Service Dead For Good?

Helios and Matheson Analytics Stock Is Crashing

The changes come almost a year after MoviePass debuted the $10 all-you-can-watch plan, which at the time let customers see one movie a day as long as it was a 2D screening.

The company's shares have plunged 96 percent over the last week after it was unable to make required payments to its merchant and fulfillment processors.

MoviePass took another step toward the abyss Monday, announcing that some of the biggest summer movies won't be available on the service as the company continues to suffer a massive cash crunch.

And some major releases will be "limited in their availability" on the service for the first two weeks they're in theaters. This means that movies like Mission: Impossible - Fallout won't be available to see with MoviePass until they've been in theaters for some time. "Our community has shown an enormous amount of enthusiasm over the past year, and we trust that they will continue to share our vision to reinvigorate the movie industry", said Mitch Lowe, MoviePass CEO in a statement.

In a press release, MoviePass and its owners at Helios and Matheson Analytics Inc. announced "new measures aimed at accelerating the plan for profitability".

MoviePass said Tuesday that its service now has over 3 million subscribers and is "generating incremental non-subscription revenue of approximately $4 to $6 per subscriber per quarter".

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Michael Pachter, an analyst at Wedbush Securities, said the price hike and service cuts could hurt MoviePass as a competitor in the marketplace. The $10-per-month subscription fee is often cheaper than the price of even one ticket to the movies, especially in major cities where a 2D screening can be as high as $17.

Under the standard plan, moviegoers are allowed to see up to one movie a day. Of course, that assumes that people are going to continue to subscribe to MoviePass despite the price increase and new limitations.

"We ask for your understanding and vocal support during this time, as we continue to fundamentally change an industry that hasn't evolved much in years", it said. MoviePass last week had blamed this on technical issues, but a subsequent SEC filing revealed that the real reason why members using the card were stranded at the box office had to do with the lack of cash in the company's bank accounts.

MoviePass also now has to compete with AMC's theater-subscription service.

AMC charges $20 per month for the ability to see three movies a week at any AMC location.

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