MoviePass offering unlimited plan to watch new movies in theaters for $10 a month

Have you stopped going to the movies because it is just too expensive for a ticket? A subscription-based service for movie theater-goers is hoping to change that with their new plan that costs less than $10 a month.

MoviePass announced on Tuesday a new unlimited subscription plan that will allow customers to see one new movie a day at any theater for an entire month for a fee of only $9.95 a month. MoviePass said there are no blackout dates, but 3D and IMAX versions of films are not available as part of the plan. 

MoviePass’ announcement comes after the company sold a majority stake to Helios and Matheson Analytics Inc., a publicly traded data firm. News of their reduced price plan even caused MoviePass’ website and app to crash on Tuesday.

“People really do want to see movies more often,” MoviePass CEO Mitch Lowe told FOX Business. “The problem is that the price and risk of seeing a bad movie is high. So people tend to wait until it comes out on video, or streaming services.”

MoviePass is available in about 90 percent of all U.S. theaters, including movie theater chains AMC Theatres, Regal Cinemas and Cinemark. However, AMC is threatening legal action against MoviePass to prevent being part of the subscription plan.

"While AMC is not opposed to subscription programs generally, the one envisioned by MoviePass is not one AMC can embrace," AMC Theatres said in part in a statement. "We are actively working now to determine whether it may be feasible to opt out and not participate in this shaky and unsustainable program."