The subscription service MoviePass has been trending online lately, and not for very good reasons. MoviePass has been the subject of scrutiny following its abrupt blacking out of coverage of the franchise film Mission Impossible: Fallout following a cash crunch. That, and the fact that its prices jumped from $10 a month to $15 also doesn’t bode well for the service.
With its stock currently plummeting to a meager 13 cents, many industry experts and consumers have projected the demise of the flailing subscription service. However, MoviePass insists that is not the case. In a press release, the company compared to setback to Uber, pointing out that the taxicab service bounced back.
“This is exactly the attitude the taxicab industry took when Uber entered their market,” said the press release. “Overall, we believe as much as 6 percent of the industry’s total box office receipts can be traced to our loyal subscribers. It’s clear that because of MoviePass, more people are seeing more movies at fair prices. Instead of wishing us away, the industry, particularly the independent film producers, should be congratulating and supporting us. Absent MoviePass, exhibitors are fighting to preserve profits in a declining box office environment. That’s the doomed strategy.”
What do you think? Is this the demise of MoviePass or a mere setback?