A Netflix co-founder, Mitch Lowe, has unveiled quite the deal. The startup he runs called MoviePass has launched a movie ticket subscription pass that costs $9.95 a month and gets you into one movie per day  for an entire month.

Since the announcement, MoviePass’s website has crashed, likely due to heavy traffic.

UPDATE: It’s back up for now.

MoviePass will pay theaters the full price of each ticket used by subscribers, with the exception of 3D & IMAX screenings.

MoviePass also sold a majority stake of its company to data firm Helios and Matheson Analytics Inc. on Tuesday.

Mitch Lowe hopes this $9.95 pass leads to consumers heading to the movies more often as his company combats the high prices now associated with seeing a film in theaters.

For more, head to Yahoo! Finance.

UPDATE: AMC has threatened legal action against MoviePass.


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