Mitch Lowe does not forget the Blockbuster Video though several of you people have forgotten. He also remembers the cause that put the Redbox ( a movie rental company ) out of their business. Actually, Lowe did not create Moviepass that is been around for six years. But the cause for this step is the outcome of his position as a new Chief executive of the company.
They said to him,
“wait a minute, we rent movies for $5. You can’t make money renting them for a dollar!”
He also remembers the year when he left the business when he was having a $1.5 billion amount in revenue. And Blockbuster did not exist longer.
A brief introduction of Lowe:
(1) He was also on the founding executive team at Netflix. He helped the company (Netflix) in becoming the top online streaming service.
(2) He is business destructor at Silicon Valley that shuts the door to film industry.
(3) He is trying to use his power against cinema and is quite confident to do it.
He takes the time as the best time to do with because the company is making a dramatic move and has lowered its monthly subscription rate to $9.95.
And you can watch any movie for $9.95. And do you know what the more is left to shock you? You can watch for the same rate at almost any theater that deals in movies in the United States. There is no bound on time, even you can watch it several times but not more than once a day.
Lowe thinks that he has cracked the expenditure that used to be $ 50 for only the most dedicated filmgoers and now he has set it at $10 only.
Lowe estimates that now with the cracked rate, casual film-watching millennials will also be flooding through the doors of cinema again. Especially those who have stopped going to the movies due to high expenses.
He says that we can get a huge range of people who have stopped watching movies and it will be beneficial for the industry.
Moviepass is not some kind of coupon trick or shady deal. You are just sent a straightforward debit card in the post when you get to sign up to it.
And the company finds the movie you pick to watch as well as the place you wish to watch that movie.
Moviepass waves of anger the biggest theater chain in the US namely AMC, that threatens to take legal action against the company.