MoviePass tipped in plan to ditch blockbuster movie tickets

Over the weekend, MoviePass would not allow its users to buy tickets for Mission: Impossible - Fallout, the biggest movie now in theaters.

Deadline does offer that one insider says MoviePass is done, but at the same time, they note they are loosely hearing that the company may be able to "pull another rabbit out of its had by tomorrow".

The price increase will take effect "within the next 30 days", the company said in a news release.

Many subscribers are reporting that MoviePass is nearly completely shut down, apparently except for Landmark Theaters, where the company has an exclusive deal. Most recently MoviePass simply ran out of money and, as a result, folks over the previous weekend weren't able to buy movie tickets.

It has been reported that MoviePass CEO Mitch Lowe announced at a Monday meeting, that the app would not make available "Christopher Robin" and "The Meg" - the two major releases hitting theaters in the next two weeks. 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.

Implementation of additional tactics to prevent abuse of the MoviePass service. The company claims that limiting access to blockbusters is an effort to drive more audiences to smaller films and "bolster the indie film community".

"We ask for your understanding and vocal support during this time, as we continue to fundamentally change an industry that hasn't evolved much in years", it said.

Reports of MoviePass' death may have been greatly exaggerated - or at least premature. The $10-per-month subscription fee is often cheaper than the price of even one ticket to the movies, especially in major cities where a 2D screening can be as high as $17. This is no different than other in-home streaming options that often don't carry the latest shows or movies that may be available on other services.

The drama surrounding MoviePass continues to unfold, but this subscription-based service isn't dead yet. "This change has already begun rolling out, with Mission Impossible 6 being the first film included in the measure. Our community has shown an vast amount of enthusiasm over the past year, and we trust that they will continue to share our vision to reinvigorate the movie industry", said Mitch Lowe, MoviePass CEO.

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