MoviePass to Cover Only Three Movies Per Month

MoviePass Slashes Offering to Three Films a Month

MoviePass says the new cap will affect only about 15 percent of subscribers - those who now watch four or more movies a month. The company will also suspend "peak pricing" and "ticket verification" for customers on the new plan.

Current monthly subscribers can switch to the new plan when their current plan comes up for renewal, MoviePass said. The change will be rolled out starting August 15, the latest in a series of changes to the company's customer experiences as it struggles to stay afloat.

"Any industry-wide disruption like MoviePass requires a tremendous amount of testing, pivoting, and learning", CEO Mitch Lowe said in a statement, adding that the new pricing will "help to stabilize our business model".

The new plan will also include "many major studio first-run films".

When it was first launched past year, MoviePass allowed subscribers to view an unlimited amount of films each month. MoviePass subscribers who see more than three films a month will get a discount of $2 to $5 a ticket, if they purchase through the MoviePass app.

MoviePass has grown to 3 million subscribers, from about 20,000, since it slashed monthly rates almost a year ago to $10, from as high as $50.

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

"I should have accelerated the process of reducing the burn faster in hindsight", he told the newspaper.

Helios and Matheson Analytics, the company behind the struggling-yet-popular MoviePass, has launched another Hail Mary in an attempt to turn a profit.

For example, if a MoviePass user wants to see the "Aquaman" movie this winter they should be able to see it at MoviePass-compliant theaters on opening weekend, with none of the issues that plagued the service during the opening of the latest "Mission: Impossible" film. The stock rose 3 cents to 10 cents per share in early trading Monday, soaring over 45 percent on the new plan news.

"We've been whipsawing people back and forth", said Mr. Lowe.

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