Published: Tue, August 07, 2018
Arts&Culture | By Matthew Castillo

MoviePass will limit customers to three movies per month

MoviePass will limit customers to three movies per month

MoviePass, the financially troubled movie subscription service, is limiting screenings to three a month, the service announced Monday.

MoviePass is continuing to make changes amidst its cash struggles. At $9.95 per month, MoviePass is significantly cheaper than a single movie ticket.

MoviePass announced a new subscription plan allowing subscribers to entertain themselves with a new movie everyday at the cost of just $9.95 a month just around this time previous year.

MoviePass says the new cap will affect only about 15 percent of subscribers - those who now watch four or more movies a month.

Currently, MoviePass subscribers can see one movie a day for $9.95 per month.

The new caps take effect August 15, though those with annual subscriptions won't be affected until their renewal date. The beleaguered movie theater subscription company is also canceling two other recent changes - "peak pricing" surcharges for popular movies and a ticket verification process - that were meant to stop the company from bleeding money. About 85 percent of the service's members see this number of movies or less, the company said.

Now, more than 3 million people subscribe to MoviePass. The impact was immediate: the subscriber base has jumped from 20,000 then to over three million today. It later said it paid back that loan.

Helios and Matheson stock has plunged as investors have grown increasingly doubtful about the viability of MoviePass.

The embattled MoviePass is taking out all the stops to survive.

The outage is just the latest struggle for the company.

The stock gained 2 cents on Monday after the new plan was announced.

The company's most recent announcement will help create "long-term stability", according to the release.

The move comes with a few other changes, as well, many of which are in response to customer complaints.

Like this: