MoviePass Announces Changes, Will Limit Customers To 3 Movies A Month
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By: Jill Disis
(CNN Money) -- MoviePass, the struggling movie subscription service, will limit customers to three movies per month.
The company is trying to burn less cash so it can stay in business.
Under the previous plan, customers could see one movie per day in theaters. The change to three movies per month takes effect on Aug. 15. MoviePass says 85 percent of its customers already see no more than three per month.
The company also announced Monday that it will keep the monthly subscription price at $9.99. It is backing away from a plan, announced just last week, to raise the price to $14.99.
MoviePass CEO Mitch Lowe described the change in an interview earlier Monday with The Wall Street Journal.
The stock of MoviePass's parent company, Helios and Matheson, closed last Friday at just 7 cents.
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