Advocates of MoviePass are losing faith in the service and could switch to another.
Although video content on the blockchain is not as novel today as it was a year ago, there are always niches to be explored. And when it comes to actually going TO the movies, rather than letting them come to you, one company already has an idea that might rival the ailing MoviePass system.
On paper, a MoviePass subscription was an innovative concept to bring moviegoers into the theater for more than just the occasional film. The MoviePass subscription gave moviegoers the ability to see one film per day for a monthly subscription of $9.95. There were some caveats that came with the subscription, but roughly $10 a month for 30 movies per month was a steal for movie fans.
However, MoviePass could only keep their end of the bargain financially for so long.
Over the last week, MoviePass subscribers were infuriated when the app shut down because its parent company, Helios & Matheson Analytics, ran out of money and needed to borrow $5M to stay afloat. MoviePass has also raised its prices to $14.95 per month and limits their customers from seeing blockbusters such as Mission Impossible: Fallout, and others in the future.
With Helios & Matheson Analytics losing a reported $21.7 million per month, it’s not difficult to see why the company is in serious financial trouble and may not be able to stay afloat for much longer. The average moviegoer may not find another subscription service as affordable as MoviePass, but a few alternatives have hit that market that could dethrone the app if the company goes bankrupt.