Another week, another change of the terms and conditions to beleaguered movie ticketing subscription service MoviePass.
Today? The company has announced a new policy which takes effect August 15th and will limit all customers to three movies a month – down from the one a day offer it currently allows. At the same time, they’ve scratched plans to raise the monthly rate and will keep it at $9.95 for now.
Parent company Helios and Matheson Analytics Inc. said in a statement that only 15% of its subscribers had used the service to watch four or more movies a month and the new model won’t impact them.
As of June, MoviePass’s monthly cash deficit was $45 million. The company’s stock has taken a beating in recent weeks and currently sits at just under 10 cents after starting the day at 7 cents.
Source: The Wall Street Journal