MoviePass parent Helios & Matheson Analytics saw its stock rally after a dramatic two-week plunge. This comes after they moved to table the planned price hike to $15, and keep it at $10. Instead, they will target the top 15% of users who are “stressing the system,” per CEO Ted Farnsworth.
From now on, subscribers will be limited to three uses per month. “We have heard our MoviePass Community and we will not be raising prices to $14.95 a month,” the company said in a press release. “The new plan is focused on usage by the bulk of our subscribers who have historically used MoviePass to attend three movies or fewer a month. Additionally, the new plan addresses past misuses which imposed undue costs on the system, including ticket scalping, unauthorized card usage and other activities, which in the past necessitated the use of certain remedial measures that have sometimes been inconvenient for our subscribers.”
