Reports of MoviePass’ death may have been exaggerated, but the company is still on life support. Its latest attempt to stay afloat should be as poorly received as the decision to limit users to just three movies a month: MoviePass has canceled its yearlong subscription option, and switched everyone back to a monthly plan.
“After experimenting with different models and options, we believe that our current monthly plan captures the need of our community — keeping prices low while continually striving to offer a wider selection of films,” the company wrote in an email to those affected by the change. “This new offering is part of the transition to our new subscription model. We’re excited to offer subscribers the option of going to three movies a month for $9.95 and providing up to a $5.00 discount for additional movie tickets.”
The email continued, “We are grateful to our MoviePass community and have offered a number of our annual subscribers the option for a refund if the new plan doesn’t align with their viewing preferences. With this transition, we intend to offer more film options so subscribers can continue exploring a wide variety of movies. We believe that our new plan is a positive change in the right direction and that it captures the needs and desires of most of our MoviePass community in our journey for an accessible and quality movie experience.”
The yearly plan cost just $89 and, until this announcement, left those on it unaffected by the recent three-movies-per-month switch. In its current configuration, a year of MoviePass will cost approximately $120. No matter what the plan, MoviePass doesn’t allow its users to see either “The Meg” or “Crazy Rich Asians” this weekend.
Currently, the stock for MoviePass parent HMNY trades at slighty under two cents per share.