MoviePass drops price but limits subscribers to three movies a month

MoviePass will limit customers to 3 movies a month but backpedals on raising prices

As that process has gone on, MoviePass has implemented - and sometimes subsequently removed - a number of policies in an attempt to cut its losses.

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 lieu of the proposed price increase to $14.95 a month, the service will keep its subscription price to $9.95 monthly. Lowe said in an interview with the Wall Street Journal that the move will reduce the company's cash burn rate by more than 60 percent and make it "more manageable" to become profitable.

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.

MoviePass, which generally pays movie theaters full price for each ticket while only charging users their subscription fee, has been struggling financially in recent months.

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Banker Bahaeddin Hashemi predicted the new policies would take at least a month to show their effects. Further sanctions targeting Iran's oil sector and central bank are to be reimposed in early November.

As part of its new model, MoviePass is doing away with a bunch of other changes, too. As of June, MoviePass's monthly cash deficit was $45 million, parent company Helios &.

MoviePass is changing up its subscription plan once again. The company has scrapped its controversial plan to increase subscription prices to $14.95 a month, but in turn it will limit subscribers to three movies a month. MoviePass recently announced that it wouldn't be letting customers get tickets for any big release in the first two weeks of its opening, which caused a predictable backlash. Furthermore, peak pricing and ticket verification is being suspended under the new plan.

The new plan will also include "many major studio first-run films", according to the company.

"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.

The stock plunged from $39 last October to just 8 cents last month.

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