MoviePass Cuts Films To Three Per Month

Moviepass Cuts Films To Three Per Month

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