(WCMH) – A service that allows moviegoers to see as many movies as they want is dropping its price to $10 a month.
The plan was announced earlier this week at the same time MoviePass announced that Matheson Analytics would acquire a majority stake in the company.
MoviePass is led by Netflix co-founder and former Redbox president Mitch Lowe. Film marketing executive and producer Stacy Spikes co-founded MoviePass in 2011. Early investors include True Ventures, AOL Ventures and Chris Kelly, MoviePass’ largest investor and former Chief Privacy Officer of Facebook.
“MoviePass was founded to make it easier for passionate moviegoers and casual fans to see films the way they’re meant to be seen – in the theater,” said Mitch Lowe, CEO of MoviePass. “Our vision has always been to make the moviegoing experience more affordable and enjoyable for our subscribers. We are changing the way consumers think about going to the movies by making it possible to experience a broader array of films – from the latest summer blockbuster to a critically acclaimed documentary – through a subscription model. Today’s acquisition by Helios & Matheson is a huge step towards making our vision a reality by allowing us to introduce a new $9.95 nationwide subscription service that completely disrupts the movie industry in the same way that Netflix and Redbox have done in years past.”
MoviePass does not actually have a relationship with the theatres the pass works at. Lowe told CNET the pass is a unique kind of GPS-driven Mastercard that allows you to purchase the tickets.
The theatre receives the full price of the ticket.
AMC Theatres released a press release Tuesday slamming MoviePass’ announcement.
AMC Theatres® announced today its concern that an announcement by a small fringe player in the reselling of movie tickets is not in the best interest of moviegoers, movie theatres and movie studios. Accordingly, AMC is consulting with its attorneys to determine if or how AMC can prevent a subscription program offered by MoviePass from being used at AMC Theatres in the United States. AMC is the largest movie theatre operator in the United States.
AMC is looking for a way to opt out of or block the program in its theatres.This is a developing story. Stay with 8News online and on air for the latest updates.Never miss another Facebook post from 8NewsFind 8News on Twitter, Facebook, and Instagram; send your news tips to iReport8@wric.com.