MoviePass Makes a Major Change to Subscription Plan

MoviePass

MoviePass

The move, a 90 percent drop from its current movie-a-day policy, is aimed at reducing the amount of cash the company burns through each month. Last week, the movie ticket subscription service announced plans to both hike its price and make first-run movies unavailable to its customers.

"Because only 15 percent of MoviePass members see four or more movies a month, we expect that the new subscription model will have no impact whatsoever on over 85 percent of our subscribers", MoviePass said in a press release. After limiting their service away from big blockbuster movies and raising the price, MoviePass is taking all of that back-with the catch being that users of the service can only watch three movies a month. While the company was previously set to raise the monthly fee of its movie-per-day plan to $14.95, the service will now keep its original $9.95 cost and instead reduce the number of eligible movie tickets per month to just three. And even after one movie, it'll pay for itself each month.

As part of its new model, MoviePass is doing away with a bunch of other changes, too. At $9.95 per month, MoviePass is significantly cheaper than a single movie ticket.

The change, which takes effect August 15, will reportedly enable MoviePass to stay in business.

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Members who want to see more than three movies will be able to buy tickets through MoviePass at a discount of up to $5 per ticket, the company said.

Now, many of those changes are being rolled back, though MoviePass isn't returning to its "good old days".

Just last week, the company announced that it would be upping the price of its subscription to $14.95 a month. And it will no longer enforce ticket verification, which required users to take a picture of their ticket stub and submit it to the company as a way to stop abuse of the service. Parent company Helios and Matheson Analytics had to beef up its shares by executing a 1-250 reverse split, and sellers still dumped the stock.

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