15, MoviePass subscribers will be allotted three films per month, a significant reduction from the current one movie a day allowance.
What do you think of MoviePass's new plan to become profitable?
A few weeks ago, MoviePass went down completely after it ran out of money-its parent company was able to borrow the cash to get the service back up and running.
Movie theater subscription service MoviePass will not be raising prices, as it had announced last week, but will instead be capping the number of times that subscribers can visit movie theaters.
The company said in a statement that the new limit, which is supposed to reduce the amount of cash MoviePass burns through, will only affect the 15 percent of its subscribers who see more than three movies per month using the service.
Under the previous plan, customers could see one movie per day in theaters.
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Monday's announcement does not specify limitations on titles, though it does confirm the new plan "will include many major studio first-run film" when changes take effect with renewals on or after August 15. Furthermore, peak pricing and ticket verification is being suspended under the new plan. The impact was immediate: the subscriber base has jumped from 20,000 then to over three million today.
MoviePass CEO Mitch Lowe blamed the change on the small number of users who were taking advantage of the "unlimited" promise.
Helios and Matheson stock has plunged as investors have grown increasingly doubtful about the viability of MoviePass.
The outage is just the latest struggle for the company.
The company's most recent announcement will help create "long-term stability", according to the release. In doing so, MoviePass is rescinding a recent cost-cutting move of barring viewings of most major releases during the first two weeks.