MoviePass is raising its price and cutting access to blockbusters

MoviePass is raising its price and cutting access to blockbusters

That's angering customers, who were already upset after finding themselves locked out of the chance to use MoviePass to see Mission: Impossible - Fallout last weekend.

It's not clear how "limited" those films will be to MoviePass users. Subscribers get to view one 2D movie every day.

MoviePass said Tuesday that its service now has over 3 million subscribers and is "generating incremental non-subscription revenue of approximately $4 to $6 per subscriber per quarter". The company must maintain a trading price above $1 for 10 consecutive business days, the stock exchange's requirements say.

As a service, MoviePass is proving popular with moviegoers although it struggles to rake enough cash in to pay its bills. MoviePass experienced "technical difficulties" that prevented many subscribers from using the service Thursday, with its Twitter account saying it was related to its "card-based check-in process".

To curtail expenses, subscribers won't be able to watch most blockbusters until the third week of release.

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Among those is a plan to limit subscriber accessibility to first-run movies opening in at least 1,000 theaters during the first two weeks of their runs. Shares of AMC Entertainment Holdings (AMC.N), the biggest USA movie theater chain which offers a rival ticket service, jumped 7.5 percent in midday trading.

"This is a strategic move by the company to both limit cash burn and stay loyal to its mission to empower the smaller artistic film communities", reads MoviePass' announcement about the new policy.

Company CEO Mitch Lowe reportedly had an all-hands meeting with employees today that detailed the change. The app also recently went dark, not for the first time, showing no available screenings at all. While no one likes change, these are essential steps to continue providing the most attractive subscription service in the industry.

As Business Insider revealed, this weekend's Christopher Robin and The Meg won't be available either - and by the way, both of those movies are now featured on the MoviePass app's "Coming Soon" section; perhaps they ought to fix that.

In addition to raising its price, MoviePass is minimizing the options that people will have when they go to the theater. As a movie ticket can cost anywhere from $8-$20, you can see why the company is running out of money.

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