Mitch Lowe, a founder of Netflix, has a crazy idea. Through his new startup MoviePass, he wants to subsidize our film habit, letting us go to the theater once a day for about the price of a single ticket. From a report: Lowe, an early Netflix executive who now runs a startup called MoviePass, plans to drop the price of the company’s movie ticket subscriptions on Tuesday to $9.95. The fee will let customers get in to one showing every day at any theater in the U.S. that accepts debit cards. MoviePass will pay theaters the full price of each ticket used by subscribers, excluding 3D or Imax screens. MoviePass could lose a lot of money subsidizing people’s movie habits. So the company also raised cash on Tuesday by selling a majority stake to Helios and Matheson Analytics, a small, publicly traded data firm in New York. Theater operators should certainly welcome any effort to increase sales. The top four cinema operators, led by AMC Entertainment, lost $1.3 billion in market value early this month after a disappointing summer. Read more of this story at Slashdot.
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Netflix Co-Founder’s Crazy Plan: Pay $10 a Month, Go to the Movies All You Want