Tech

MoviePass adds even more restrictions as it transitions to new plan

Key Points
  • The company will offer users a choice of just six movies each day.
  • It's yet another change to the service as MoviePass seeks to curtail massive losses.
  • MoviePass is transitioning users to its new pared-down movie subscription plan.
Source: MoviePass

MoviePass is adding even more restrictions as it transitions users to its new pared-down movie subscription plan.

The popular but financially ailing movie subscription service will offer users a choice of just six movies each day, the company said in an email to members Thursday, at the same time it's slashing the service to cap users at three included movies per month.

It's yet another change to the service as MoviePass seeks to curtail massive losses brought on by the sudden, wide adoption of its initial subscription plan that allowed moviegoers to see a film a day for $9.95 per month. MoviePass has experimented with peak pricing, ticket verification and other restrictions to stifle what the company has called "abuse" of the service.

MoviePass' parent company, Helios and Matheson, has lost nearly all its market value in recent weeks as MoviePass has sought emergency loans and faced growing uncertainty about the longevity of the business. Shares of Helios and Matheson closed down more than 35 percent at 3 cents a share on Thursday.

MoviePass briefly considered raising the monthly fee for members, but said last week that it would keep prices the same and instead apply the new three-movie cap.

Here's the full email that members received regarding the change:

Today we are rolling out our new subscription plan that was announced last week. We believe this new model provides great value to the MoviePass community and, equally important, ensures that we can continue to provide these benefits for you to enjoy into the future.

As we transition to the new subscription plan, we want to share more details about our service moving forward as part of our commitment to keep you fully informed. For the time being, we will be limiting the films and showtimes that are available to members each day. During this transition period, MoviePass will offer up to six films to choose from daily, including a selection of major studio first-run films and independent releases. In addition, showtime availability may be limited depending on the popularity of those films on the app that particular day.

While the films and showtimes available in the app will change daily, the schedule of available film selections will be published at least a week in advance on the MoviePass website so members can plan ahead for the films they want to see. Click here to see the current schedule. Please note that e-ticketing will continue to include ALL movies and showtimes with no restrictions. Because actual availability will change daily, we encourage our members to always check the MoviePass app before leaving for the theater.

As we celebrate the one-year anniversary of our $9.95 subscription offering, we want to thank you -- our millions of members -- for your loyalty and for your continued support. We'll have some exciting updates on additional features and service offerings -- that will bring greater value to you as a member -- in the near future.