Culture&Arts

No price hike, but new caps on MoviePass discount tix plan

No price hike, but new caps on MoviePass discount tix plan

MoviePass Chief Executive Mitch Lowe said in an interview that the new policy, which takes effect August 15, will reduce the company's cash burn rate by more than 60% and make its attempted transition to profitability "more manageable". Now, another rule has been added: Customers can only see three movies per month, according to the Wall Street Journal.

What do you think of MoviePass's new plan to become profitable? A new pricing plan instead will keep the cost at $9.95 per month, though users will only be able to view three films across the subscription frame.

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Though MoviePass says it's not raising monthly prices to $15, there's still a hidden price increase. As mentioned, there will be a new limit of three movies per month; however, MoviePass customers who want to see more films than that will receive a discount of $2 to $5 for every movie afterward. Last week, the movie ticket subscription service announced plans to both hike its price and make first-run movies unavailable to its customers. The beleaguered movie theater subscription company is also canceling two other recent changes - "peak pricing" surcharges for popular movies and a ticket verification process - that were meant to stop the company from bleeding money.

"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. As a result, the company expects the new subscription model won't affect 85 percent of its customers.

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The stock of MoviePass's parent company, Helios and Matheson, closed last Friday at just 7 cents.

MoviePass has more than 3 million subscribers. The company has since paid back the loan, reported WSJ.

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