18% of current MoviePass subscribers say they plan to cancel, but the majority are still happy with it despite the new restrictions (HMNY)

gotti vertical entertainment moviepass ventures

  • 18% of current MoviePass subscribers say they plan to cancel
    the service.
  • But the majority of customers are still happy with MoviePass
    despite new restrictions.
  • The most common reason cited for previous cancellation of the
    movie-ticketing subscription service was the restrictions on movies
    and showtimes.

MoviePass, the movie-ticket subscription service, raised howls of
anger from customers after it capped the number of movies they can
see every month and introduced other restrictions. 

But while 18% of MoviePass current subscribers are planning to
cancel, a large percentage are still happy with the service despite
the new limits on movies and showtimes.

According to a
new survey
conducted by on-demand insights platform AlphaHQ for
Business Insider, MoviePass has a surprisingly large group of
loyalists who have not been turned off by the new
restrictions. Out of 165 people surveyed who had subscribed to
MoviePass in the last six months, 56% said they were either
extremely or moderately satisfied with the service, while 18% had a
neutral reaction.

As MoviePass has struggled to gain financial footing in recent
months, it has rolled out new features designed to control its cash
burn. The main ones still in a effect are a cap at three movies per
month, and limitations on which movies (and showtimes) subscribers
can go to.

“There are always movies that I want to see,” one respondent
said. “I feel it is a great value for the amount paid. Other
friends have purchased based on my great experience.”

Another, however, said they had become disenchanted with
MoviePass: “It was amazing at first but became too restrictive at
the end.”

Despite laments about the product going downhill, these survey
results are a far cry from the doomsday scenario social media would
suggest was happening to MoviePass.

Read more:
MoviePass competitor Sinemia has a new cheaper ‘weekday-only’ plan
starting at $3.99 per month
.

That said, 18% of 119 current MoviePass subscribers surveyed
said they had plans to cancel, with 6% saying they already tried
but were not allowed to (a
common complaint Business Insider has heard
).

Of 46 previous MoviePass subscribers who had already canceled,
54% cited the limitations on which movies they could go to as a
reason.

“They changed it too much and you basically couldn’t see
movies when you wanted to which is why I stopped subscribing,”
one respondent said.

MoviePass announced in June that it had passed three million
subscribers, so even with a double-digit drop the company would
still have a sizeable user base.

But the more proximate worry for MoviePass and its parent
company, Helios and Matheson Analytics, is angry shareholders, some
of whom have seen the value of their
stakes drop over 99% in recent months
.

Helios has twice delayed a crucial shareholders meeting where it
will ask for authorization to perform a 1-for-500 reverse stock
split to avoid getting delisted from the Nasdaq exchange. The
meeting is now
scheduled to take place on November 14
.

SEE ALSO: MoviePass
competitor Sinemia has a new cheaper ‘weekday-only’ plan starting
at $3.99 per month


Join the conversation about this story »

NOW WATCH:
How ‘The Price Is Right’ is made

Source: FS – All – Entertainment – News
18% of current MoviePass subscribers say they plan to cancel, but the majority are still happy with it despite the new restrictions (HMNY)