Theatres on Wednesday said it would launch a subscription service that will allow customers to watch up to three movies per week for a monthly fee, challenging a rival service offered by MoviePass. You can see movies in the format of your choice, so if you want to go see something in IMAX or RealD 3D, you can without any additional charges.
AMC Stubs A-List membership plan, which also features concessions discounts, will debut Tuesday. Essentially, if you pay $20 per month, you can see up to three movies a week, plus other benefits which are meant to give Moviepass a run for their money. However, there have been hiccups along the way like sudden blackouts on certain titles or theater chains refusing to accept the MoviePass service. AMC initially explored legal means to stop MoviePass from working in its theaters, and amid escalating animosity, MoviePass briefly stopped supporting AMC theaters in prime locations in major cities such as New York, Los Angeles, Boston, Chicago, and others.
Helios and Matheson Analytics issued a warning about the company's ability to stay in business in a regulatory filing in April.
MoviePass has attracted 3 million members, but the stock price of the service's parent company, Helios and Matheson, has dropped from $38 a share to 44 cents a share. Twice the price for 1/4 the theater network and 60% fewer movies.
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"Thanks for making us look good AMC!", the MoviePass tweet read.
In response, a representative for AMC notes how they "understand the comparison, but we're focused on our own program and on delivering the very best, most reliable movie-going value option in the entertainment industry, which is what we believe AMC Stubs A-List provides to our guests". Now AMC has finally wised up to people wanting a subscription model and offered their own service.
MoviePass announced that it exceeded 3 million subscribers last week and that it projects it will have more than 5 million by the end of the year.