MoviePass slashes plan to three movies per month

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Raising prices to $14.99 per month.

Changes to the subscription plan are set to take effect August 15.

MoviePass discovered that only 15% of its subscribers see four or more movies a month. One new perk: subscribers will be able to get "up to a $5.00 discount for any additional movie tickets" they buy, allowing MoviePass users to see their fourth or fifth movies of the month at a lower price. MoviePass's pricing is cheaper than Sinemia - MoviePass is $9.95 per month for three tickets, while Sinemia is $14.95 for three movies - but MoviePass still has some restrictions on what movies you can see, while Sinemia has zero restrictions on what movies you can see, and also lets you into IMAX and 3-D shows as well. Also eliminated are peak pricing and ticket verification. So it made more sense to cut the number of movies that subscribers could see in a month instead of hiking the monthly subscription price.

"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 CEO Mitch Lowe said in a statement. "Struggling financially" is a bit of euphemism, actually.

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The company apologized to users, and in a press release its parent company described the current situation as a "rough patch".

MoviePass, which until last week boasted its, "Any movie".

As expected, MoviePass has been receiving a lot of outrage from its existing subscribers for this move as well. The company slashed its prices nearly a year ago - allowing subscribers to see a movie in theaters every day for less than the typical cost of a single ticket in many cities - and its popularity skyrocketed. Therefore, the company maintains, it can build partnerships with studios to promote their movies and ultimately make money.

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