"From what we can tell, by definition and absent some other form of other compensation, MoviePass will be losing money on every subscriber seeing two movies or more in a month.
"It is not yet known how to turn lead into gold. AMC believes that holding out to consumers that first run movies can be watched in theatres at great quantities for a monthly price of $9.95 isn’t doing moviegoers any favors.
"In AMC’s view, that price level is unsustainable and only sets up consumers for ultimate disappointment down the road if or when the product can no longer be fulfilled.
"[O]ver time [MoviePass] will not provide sufficient revenue to operate quality theatres nor will it produce enough income to provide film makers with sufficient incentive to make great new movies."
AMC adds that they are looking for a way to back out of the subscription program.
"We are actively working now to determine whether it may be feasible to opt out and not participate in this shaky and unsustainable program."
This article was originally posted at 7:15 p.m. ET.
There's no question that going to the movies has become seriously pricey. If you live in New York or Los Angeles, it won't come as a shock to you that some theaters charge over $17 for a ticket — and that's not even including extras like popcorn or candy. (And, if you're like me, what's a movie without both?) Sure, you can save money by going to matinees or finding theaters that offer discounts for certain groups (now is a great time to whip out that student ID, should you have one) but sometimes, you just want to go to the movies on a Friday night without spending half your paycheck. With MoviePass, now you can — and hit a movie on Thursday and Saturday, too.
Yep, it's true: MoviePass is offering customers one 2D movie per day for the price of $9.95, and it's a bonkers low price, considering people regularly pay that much for a single theater ticket. It's also much lower than MoviePass' previous prices, which ranged from $40 to $50 for unlimited movie tickets.
Sure, Netflix is amazing — and there's no beating the comfort of the couch when you don't even feel like putting real pants on — but MoviePass will now make it just as economically feasible to go see things on the big screen. It'll even give you two weeks free when you sign up today. What's not to love?
Umm, so far, nothing...except for the fact that the website is overloaded from all the users trying to score their own MoviePass.
"We're pumped that you're excited about our $9.95 plan!! Thx for your patience as we work to get the site/app back up and running!," tweeted the official MoviePass Twitter account.
As someone who has always adored the theater experience (you just can't enjoy a blockbuster in the same way when you're watching it on your tablet) this is a real game-changer. It takes the cost out of the movies and makes going to see a new release a no-brainer. And, perhaps most importantly, it leaves cash in my wallet for popcorn — and the Snow Caps to mix in with them.
See you at showtime, friends.