MoviePass is a shell of its former self, after running out of money and downgrading a plan that offered a movie a day for $9.95 a month with an identically priced plan that provides only three tickets from a limited selection of films. Shares of MoviePass parent company Helios and Matheson Analytics are trading at $0.02. No, that’s not a typo.
MoviePass was doomed by an economic model that basically equated to setting money on fire. Offered a chance to see nearly unlimited films a month for, in some cities, less than the price of a single ticket, millions of US consumers signed up, their rampant enthusiasm driving MoviePass into a financial pit that much faster.
Despite MoviePass’s woes, Americans haven’t seen the last of unlimited movie tickets. Competitor Sinemia is introducing unlimited 2D movie tickets at what it believes to be a sustainable price: $29.99 a month.
“The new plan offers a sustainable, reasonable model for seeing movies on an unlimited basis,” Sinemia said in a press release on Sept. 17, adding that the average ticket price in the US is $9. An unlimited ticketing plan is also available in the UK, Australia, and Canada.
Sinemia offers a range of movie plans that cost between $4.99 and $89.99 a month, which could include premium formats like Imax and 3D tickets. (Quartz’s Ashley Rodriguez tried one over the summer and called it an “all-out logistical nightmare”.) Sinemia also offers family plans for up to six people. The company said these options are still available to customers.
Sinemia’s new pricing tier will test whether hardcore movie-goers really want to see unlimited movies for a set price, or if they just wanted to see free movies while riding Moviepass’ venture capital into the ground. Before Moviepass made headlines with its $9.95 plan, the company had previously been selling unlimited plans starting at the same $30 price point.