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MoviePass to limit subscribers to 3 movies per month
07 August 2018, 10:25 | Myron Mathis
CREDIT Darron Cummings AP REX Shutterstock
At the end of July, the service went dark because the company ran out of money, forcing MoviePassto borrow $5 million in cash to get the service back online. Likewise, despite the company's recent restrictions, the updated plan will also include support for many major studio first-run films, and the service will be suspending Peak Pricing and Ticket Verification for subscribers.
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.
We have heard - and we have listened to - our MoviePass Community and we will not be raising prices to $14.95 a month.
15, MoviePass subscribers will be allotted three films per month, a significant reduction from the current one movie a day allowance.
The movie-per-day option is officially being removed as the company struggles to stay in business.
Under the revised policy, set to begin on August 15, the $9.95 a month fee remains unchanged but MoviePass will drop its surge pricing and its recent move to block sales of tickets to recently opened blockbuster movies.
As stock prices and subscriber numbers continue to slip for the subscription service, MoviePass, the online service has announced a new model for subscribers. The impact was immediate: the subscriber base has jumped from 20,000 then to over three million today.
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