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What just happened? AMC Theatres on Wednesday announced a new VIP tier of its AMC Stubs loyalty program that puts MoviePass and similar competitors on notice.

AMC has announced Stubs A-List, it's subscription movie service that allows movie lovers to see multiple movies per week for one flat monthly cost.

Each subscription comes with a three-month commitment, and permits users to make advance reservations and see movies in all formats, including 3D and IMAX.

AMC Theatres chief executive Adam Aron pointedly said in a statement that AMC's program is at a "sustainable price". Stubs-A-List also allows for users to purchase tickets ahead of time online or through the AMC app. MoviePass users can only purchase tickets on the day of a showing and, in most cases, they have to be at the theater before the ticket can be purchased. Now AMC has finally wised up to people wanting a subscription model and offered their own service. MoviePass pays for full-priced tickets and sells them at a discounted rate in order to capitalize on user data.

In response, a representative for AMC notes how they "understand the comparison, but we're focused on our own program and on delivering the very best, most reliable movie-going value option in the entertainment industry, which is what we believe AMC Stubs A-List provides to our guests".

"We expect to see a surge in demand for Imax tickets from this exciting new program, which should drive incremental revenue to Imax theatres by offering consumers - for the first time - the freedom to experience blockbusters such as Jurassic World in Imax over standard offerings for no additional upcharge", said Imax CEO Richard L. Gelfond.

AMC Theatres shares rose almost 2.5% on the announcement. CNNMoney reported in May that MoviePass' parent company, Helios and Matheson Analytics, burns through approximately $21.7 million each month to keep MoviePass in operation.

Subscribers will be able to view three movies in a day, whilst being able to watch the same film twice. Plus, at least for the time being, that $9.95 a month price point is still more attractive.