For a while now, we’ve known that things over at MoviePass were bad. We just didn’t know how bad. Well, thanks to a new report from Business Insider, the truth of how things are at MoviePass is now common knowledge, and even we didn’t think it was this bad.
According to leaked internal numbers, MoviePass has lost more than 90% of its user base since June 2018. Last summer, MoviePass started to experience its problems that have led to this catastrophic fall from grace, but at the time, the service could tout that it had 3,000,000 subscribers. But now? As of April 2019? The movie ticket subscription provider is down to only 225,000. Oof.
And to make matters worse, it doesn’t look like the subscriber count is going to massively grow anytime soon. Just a month ago, the company announced plans to go back to the $10/month plan for “unlimited” movies (with some caveats, of course). This new tiered system was intended to rejuvenate interest and build back some of that credibility that has been lost over the last year. Well, about those new plans…they’re not doing so hot.
The report says that in the last month, since the announcement, MoviePass has only signed up about 13,000 new subscribers. To put that in perspective, back when the service announced its first unlimited package back in 2017, the company saw over 100,000 subscribers in the first 48 hours. So it’s clear that times have changed, and the public just isn’t ready to welcome MoviePass back with open arms.
The silver lining in all of this, if there is such a thing, is that MoviePass’ overhead has probably greatly decreased since last year when it had so many people using its service. Now, at only a fraction of the usage, the company might be able to figure things out before quickly falling into bankruptcy. However, that’s most definitely polishing the big, stinky turd at this point.