"...I'd aggressively undercut the price"

Aren't they? For $10/mo, I can go see one movie a day, no additional cost to me. And it's not the theater chains that need convincing- it's the studios. The theaters just aren't permitted to take any sizable percentage of the ticket price.

If anything, "butts in seats" shows demand. If demand drives prices, then the studios think the prices can go up because demand is up. If MoviePass's plan is to profit from data, I personally don't have faith in their future.