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Last week, MoviePass announced that it was making things much more simple for customers. It replaced its $15 to $50 tiered subscription plan with a flat fee of $9.95 a month. This price drop generated so much interest that the company today said it has already reached its subscriber goals for 2018.
Deadline reports that now has more than 150,000 subscribers, up from 20,000 last December. In December when the company had 20,000, the cheapest plan was $14.95. We get this information from data analytics firm Helios and Matheson. They recently purchased a majority stake in MoviePass.
MoviePass CEO Mitch Lowe told Deadline that he’s “frankly amazed” at the response the company has gotten by the price change. This leads us to believe that the company wasn’t prepared for so many sign-ups. They even had a lot of website and app crashed, and even customer service delays.
In their blog post, it says that even “Though we anticipated a high level of interest, we received an unprecedented volume of traffic.” Furthermore, “As many of you know, the massive amount of website and app visits caused our system to crash. These crashes, in turn, significantly increased our incoming correspondence.”
Even though MoviePass is generating a lot of interest, it’s expected to lose money until it can strike new deals with more theater chains.
