MoviePass to limit customers to three movies per month

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It added that the new plan should also reduce misuse of the system.

Struggling movie subscription service MoviePass will limit customers to three movies per month as the company tries to stay in business by burning through less cash.

MoviePass's death walk/path to profitability continues apace.

Launched in 2011, MoviePass didn't catch major traction until it lowered its monthly fee to $9.95 in 2017.

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After announcing a price hike just a week ago MoviePass today announced that they will keep their price at $9.95 a month.

In effect, the new MoviePass plan is similar to Sinemia, another movie-subscription service that has been running for a while, offering customer a limited number of movie tickets per month. In the interview, CEO Mitch Lowe said that the move, which will take effect on August 15, will cut more than 60% from MoviePass' burn rate and ease some of its pain points as it works to turn its operation around. Because MoviePass typically pays theaters the full cost of tickets - $15 or more in big cities - a single movie can put the service in the red.

Two weeks ago, the company also borrowed $5 million in cash to pay its merchant and fulfillment processors after it had a service outage and couldn't afford to pay for movie tickets.

Helios and Matheson stock has plunged as investors have grown increasingly doubtful about the viability of MoviePass. The company has since paid back the loan, reported WSJ.

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"They will not be affected at all by this program, and even better, they'll stop hearing MoviePass is going out of business", Lowe told WSJ.

Early Monday morning, Moviepass announced that it's killing the unlimited movie plan that saw it rocket to fame and financial ruin.

The move comes with a few other changes, as well, many of which are in response to customer complaints.

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