MoviePass will limit customers to three movies per month

After weeks of chaos that's left many customers without a means to access the one-price, almost unlimited moviegoing experience they signed up for, MoviePass has announced an overhaul to its pricing and attendance offerings that dramatically dials back the one-movie-per-day promise that lured so many people to the service in the first place.

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

Movie theater subscription service MoviePass will not be raising prices, as it had announced last week, but will instead be capping the number of times that subscribers can visit movie theaters.

According to MoviePass, only 15 percent of customers see four or more movies a month. Last week, the movie ticket subscription service announced plans to both hike its price and make first-run movies unavailable to its customers. This change will take effect August 15. 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.

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MoviePass's CEO, Mitch Lowe, told the Journal that this new three-movie policy will help the service's burn rate.

"While most of our loyal subscribers shared the passion for this new accessible movie experience and experimented fairly, the fact is that a small number have used our business model to a point where it was compromising the business' long-term stability", he said in a statement. The impact was immediate: the subscriber base has jumped from 20,000 then to over three million today. HMNY's stock has lost virtually all of its value in recent months and is now a so-called "penny stock".

Though the company gained more customers, it struggled to keep up financially, as it has to pay the full price of a ticket at most theaters.

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

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