MoviePass is continuing to make changes amidst its cash struggles.
MoviePass announcedMonday that it's slashing its offer to subscribers as the movie ticketing company deals with major financial woes.
After announcing a price hike just a week ago MoviePass today announced that they will keep their price at $9.95 a month.
MoviePass notes that only 15 percent of members see four or more movies a month so they expect the new subscription to have no impact whatsoever on the other 85 percent of subscribers.
That represents a sharp reduction from the current limit of one movie a day, and marks an attempt to stabilize MoviePass' finances after previous attempts, such as "peak pricing" surcharges and an increased monthly fee, met with opposition from users. It is backing away from a plan, announced just last week, to raise the price to $14.95.
The company will suspend surge pricing, which sometimes added as much as $8 to the cost of an individual ticket.
The new plan will not affect annual subscribers until their plan is renewed, but monthly subscribers will be moved to the new plan after August 15. "While most of our loyal subscribers shared the passion for this new accessible movie experience and experimented fairly, the fact is that a small number have used our business model to a point where it was compromising the business' long-term stability".
After several outages in the last few weeks that many say was linked to lack of cash, MoviePass has been looking at ways to become more profitable.
MoviePass's CEO, Mitch Lowe, told the Journal that this new three-movie policy will help the service's burn rate. HMNY's stock has lost virtually all of its value in recent months and is now a so-called "penny stock". It later said it paid back that loan.
The stock gained 2 cents on Monday after the new plan was announced.
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