MoviePass is bombing, and half the customers want to unsubscribe

PARK CITY, UT - JANUARY 21: A view of signage at the MoviePass House Park City during Sundance 2018 on January 21, 2018 in Park City, Utah. (Photo by Daniel Boczarski/Getty Images for MoviePass)
PARK CITY, UT - JANUARY 21: A view of signage at the MoviePass House Park City during Sundance 2018 on January 21, 2018 in Park City, Utah. (Photo by Daniel Boczarski/Getty Images for MoviePass) /
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Do you hear that sound? It’s MoviePass plummeting to Earth on a crash at light speed. It was good while it lasted.

Let’s face it, staying with the Titanic was only a slightly less appealing prospect than keeping a MoviePass subscription. The genius idea to provide unlimited movies at a permanent low rate was a great idea, but completely unsustainable as promised.

Based on a recent poll by the National Research Group (NRG), in an exclusive with the Hollywood Reporter, nearly half the customers want to leave MoviePass. There’s ample reason why.

MoviePass subscribers are not happy.

To summarize the problems, 48% of the subscribers are not satisfied with their service. Additionally, 47% are either very or somewhat likely to cancel their subscription. I’m not a mathematician, but that’s not good.

Let’s start with the price for the services. They were at $9.95 and everyone was on board. After all, a movie is $10 or more in a great majority of the country. So pay less than the price for one ticket and get unlimited movies for one month? How in the world can that be feasible or profitable?

What’s crazy is the price was actually at $6.95 per month for no other reason than the CEO must have been diving into a vault of Scrooge McDuck money.

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Then that pesky math got in the way and the bottom dropped out. The stock plummeted. With the panic and desperation of Ving Rhames in the basement of a pawn shop, people started to bail. Then the price went up to $14.95 per month with a limit on the types of movies that can be watched. And then back to $9.95. Unless, however, they continue to hemorrhage money.

Unlike MoviePass, The Meg is succeeding. dark. Next

The idea itself is still a good one, but MoviePass has had way too many changes and updates to make their reputation and business worth trying. What do you think? Can MoviePass survive?