MoviePass is dropping subscription fees to $10 a month

MoviePass is dropping its monthly subscription fee to $9.95, according to a report from Bloomberg. This means MoviePass subscribers could technically see one movie in theaters every day of the month for around the price of a Netflix subscription.

The price slash is possible because MoviePass just sold a majority stake to the data firm Helios and Matheson Analytics Inc, Variety reports. As Bloomberg points out, MoviePass hopes to eventually use the data it gathers from subscribers’ viewing habits for advertising and marketing materials.

MoviePass was founded in 2011, and initially relied on a tiered pricing model based on a subscriber’s location and how many movies they saw per month. In 2016, the service started at $15 per month and ran up to $50 per month for unlimited movies in bigger cities. But MoviePass apparently found that people wanted to pay even less than that.

Mitch Lowe, an ex-Netflix exec who became the CEO of MoviePass last year, told Bloomberg he doesn’t think it’s streaming services that are responsible for declining theater attendance — it’s just the cost.

“After years of studying and analysis we found that people want to go to the movies more often, but the pricing keeps going up, and that prevents them from going more,” Lowe said in a statement to Variety. “We’re making it more affordable for people.”

The $9.95 per month fee will apparently cover tickets at any US theater that accepts debit cards, but not IMAX or 3D screenings.