In the latest MoviePass news, the company announced that its subscribers will have the option of watching 3D and IMAX movies as well for an additional fee.
The moviegoing subscriber provider — which is owned by publicly-traded Helios and Matheson Analytics (NASDAQ:HMNY) — is hoping to invite more people back to movie theaters at a time when online streaming services are dominating and less people are actually getting out of the house and visiting a cinema.
MoviePass CEO Mitch Lowe said that starting on Labor Day, on September 3rd, the app will offer a feature that will allow its subscribers to add IMAX and 3D movies for an additional $2 to $5 a month. “Imagine you’re a customer and now you can go to what typically might be a $17 or $18 ticket for an extra $5?” Lowe explained to Business Insider. “That’s going to be extremely valuable.”
The monthly fee would still only add up to a little bit more than the full price or perhaps even less of a 3D or IMAX ticket in an expensive city such as New York where movie tickets sometimes exceed $20 if you’re going for these films. The additional fee is a one-time fee that’s added on to the current price of $10 per month.
HMNY stock was down about 9.8% early on Friday afternoon despite the news.