No price hike, but new caps on MoviePass discount tix plan

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"We discovered over several months of research that our customers value a low monthly price above almost everything else, so we came together to create a plan that delivers what most of our loyal MoviePass fans want, and one that, we believe, will also help to stabilize our business model".

MoviePass is cutting it short.

What do you think of MoviePass's new plan to become profitable?

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If a subscriber wants to see more than three movies per month, the company will offer a discount of up to $5 on additional movie tickets.

"We have heard our MoviePass community and we will not be raising prices to $14.95 a month", they added. The planned changes will go into effect on August 15-assuming they don't make any more changes like, you know, tomorrow. "Additionally, the new plan addresses past misuses which imposed undue costs on the system, including ticket scalping, unauthorized card usage and other activities", continued the official statement, "which in the past necessitated the use of certain remedial measures that have sometimes been inconvenient for our subscribers". In a Securities Exchange Commission filing in April, Helios and Matheson Analytics (HMNY), MoviePass's parent company, disclosed that it estimated its average cash deficit was over $20 million a month for the seven months through April.

MoviePass CEO Mitch Lowe blamed the change on the small number of users who were taking advantage of the "unlimited" promise.

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MoviePass has grown to 3 million subscribers, from about 20,000, since it slashed monthly rates almost a year ago to $10, from as high as $50. The stock rose 3 cents to 10 cents per share in early trading Monday, soaring over 45 percent on the new plan news.

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.

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