MoviePass limits users to 3 movies per month in pivot to survive

MoviePass limits users to 3 movies per month in pivot to survive

MoviePass limits users to 3 movies per month in pivot to survive

Capping movie visits at three per month is a dramatic shift from the company's original promise, but MoviePass says most subscribers won't actually be affected.

Short on cash, battered by investors and pronounced dead by critics recently, MoviePass will soon begin limiting customers to three movies a month, a major change from its current allowance of one a day.

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What do you think of MoviePass's new plan to become profitable? As of June, MoviePass's monthly cash deficit was $45 million, parent company Helios &.

MoviePass also announced Monday morning that it has reversed its decision, announced less than a week ago to hike its monthly subscription fee to $14.95 per month. However, 85 percent of these customers see three of fewer movies a month, MoviePass CEO Mitch Lowe said in the release, and his company is now focusing on those customers.

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In effect, the new MoviePass plan is similar to Sinemia, another movie-subscription service that has been running for a while, offering customer a limited number of movie tickets per month. But starting August 15, renewing subscribers will be limited to three screenings a month. Additionally, the service is also doing away with surge pricing for big movies on opening weekends. The impact was immediate: the subscriber base has jumped from 20,000 then to over three million today. Stock for its parent company, Helios & Matheson, is now at a little under $0.10 per share-a month ago it was over $47. HMNY's stock has lost virtually all of its value in recent months and is now a so-called "penny stock".

The stock gained 2 cents on Monday after the new plan was announced. It later said it paid back that loan.

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The company's most recent announcement will help create "long-term stability", according to the release. This latest move will surely only rankle people more.

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