MoviePass is slapping yet another patch on its money-leaking company.
Subscribers will soon be limited to just three movies per month, CEO Mitch Lowe told The Wall Street Journal on Monday. That's quite a downgrade from MoviePass' current service, which lets users see one movie every day for a flat monthly rate. Last Monday, MoviePass said it would increase that monthly price to $14.95, but it will now remain at $9.95, Lowe said.
MoviePass reported a $45 million deficit in June, seeing as users pay a monthly rate but the company still needs to pay back the full ticket price to theaters. A three-movie limit will reduce the company's loss rate by 60 percent, Lowe told the Journal. He said 85 percent of MoviePass customers see three or fewer movies per month anyway, and now "they'll stop hearing MoviePass is going out of business."
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The limit will take effect Aug. 15, per the Journal, and is part of rapid-fire changes to the quickly sinking service. Starting in early July, MoviePass announced surcharges on popular movies that forced users to pay up to $8 extra for a ticket. On July 26, the service shut down because it couldn't pay its business partners, and it decided to restrict users from seeing newly released films. Both the surcharge and the limit on new releases will be revoked after a month of "whipsawing people back and forth," Lowe told the Journal on Monday.
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