MoviePass will limit customers to three movies per month

MoviePass will limit customers to three movies per month

MoviePass will limit customers to three movies per month

Of its current subscribers, 85-percent see three or fewer movies per month, Lowe claims, blaming rising costs of tickets - for which MoviePass pays full price to theaters - and impatient investors for the recent turbulence.

The movie-per-day option is officially being removed as the company struggles to stay in business.

This change will likely be unpopular, too, but at least MoviePass is ending the scourge of unavailable showtimes and entire theaters, Peak Pricing lightning bolts and the severe limits on new releases. In the press release announcing its new plan, the company said "the new plan will include many major studio first-run films".

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The company will keep the monthly subscription price at $9.95. Last week, MoviePass announced subscribers would be limited to certain blockbuster film within the first two weeks of release. Also eliminated are peak pricing and ticket verification.

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. The planned changes will go into effect on August 15-assuming they don't make any more changes like, you know, tomorrow.

MoviePass CEO Mitch Lowe blamed the change on the small number of users who were taking advantage of the "unlimited" promise.

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But on Monday, MoviePass reversed course.

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

MoviePass made headlines last month when the app suffered an outage because its parent company couldn't afford to pay for customers' tickets. The company approved a reverse split - a cosmetic change that boosted the stock 250-fold, back up to $21. Helios & Matheson shares have fallen almost 100 percent this year, to 10 cents. Any additional films seen after the third screening will come with up to $5 discounted from the regular ticket price.

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

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