MoviePass has dropped from over 3 million subscribers to around 225,000, according to leaked internal data
Hollis Johnson/Business Insider
- MoviePass has dropped from over 3 million subscribers to around 225,000, according to internal data obtained by Business Insider.
- MoviePass has signed up around 13,000 new subscribers since launched its "Uncapped" plan a month ago, according to the data.
- Visit BusinessInsider.com for more stories.
MoviePass has dropped from over 3 million subscribers to around 225,000, according to internal data obtained by Business Insider.Advertisement
This is the latest sign of the collapse of the movie-ticket subscription startup, which became an overnight sensation in the summer of 2017, when it drastically dropped its price to $10 a month (to see one movie per day in theaters). The plan proved so popular that MoviePass passed 3 million subscribers by June 2018, the company said. But the startup struggled to control its cash burn, which reached into the hundreds of millions of dollars.
After months of changing its features and price point to remain in business - and seeing its parent company, Helios and Matheson Analytics, delisted from the Nasdaq in February - one month ago MoviePass announced an "Uncapped" plan in which there would be no restrictions on the number of 2D movies subscribers could see. There was a catch, however: MoviePass could throttle a subscriber's access at its discretion.Read more: Ousted MoviePass cofounder Stacy Spikes breaks his silence on the startup's whirlwind rise and crash to financial reality
That new plan has failed to revive MoviePass' growth, according to the internal data. MoviePass has only signed up around 13,000 new subscribers since "Uncapped" launched. For comparison, when MoviePass launched its $10-a-month plan in 2017, the service hit 100,000 subscribers in the first 48 hours, MoviePass cofounder Stacy Spikes recently told Business Insider.Despite MoviePass' decline, the movie-ticket subscription model is thriving with AMC Theatres and Cinemark having success with their own plans, and Sinemia offering its tech to get chains like Studio Movie Grill and National Amusements to launch their own services. Alamo Drafthouse will also be offering its own subscription service by the end of the year, CEO Tim League told Business Insider.MoviePass did not respond to a request for comment.Advertisement
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