Markets
MoviePass Raises Prices as It Struggles to Survive Cash Drain
- Subscribers couldn’t use MoviePass at AMC, other big chains
- Stock plummets below $1 again as company struggles to survive
MoviePass, the subscription theater service, announced a 50 percent price hike Tuesday as the company runs low on cash and struggles to survive.
MoviePass also will limit the availability of movies during the first two weeks after release, according to a statement. The steps are among measures the company is implementing to become profitable. Already, subscribers have complained they have been subjected to ever-changing rules designed to curb demand and preserve the company’s dwindling resources.