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

MoviePass will limit customers to 3 movies a month but backpedals on raising prices

MoviePass will limit customers to 3 movies a month but backpedals on raising prices

Once again, MoviePass CEO Mitch Lowe struck an apologetic tone, citing the "many challenges" the company has faced, adding that these new changes will add "stability" to the "industry-wide disruption" that is MoviePass.

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

The company will keep the monthly subscription price at $9.95.

After initially announcing plans to hike prices and limit users from attending first-run blockbusters, MoviePass offered a silver lining to disgruntled patrons of its silver screen subscription model.

MoviePass says the new cap will affect only about 15 percent of subscribers - those who now watch four or more movies a month.

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In effect, the new MoviePass plan is similar to Sinemia, another movie-subscription service that has been running for a while, offering customer a limited number of movie tickets per month. It's not all bad though - the price of the plan is back to $9.95, reversing a plan that MoviePass announced just last week that would have seen the price increased to $14.95 per month. Because MoviePass typically pays theaters the full cost of tickets - $15 or more in big cities - a single movie can put the service in the red. Furthermore, peak pricing and ticket verification is being suspended under the new plan.

MoviePass Chief Executive Mitch Lowe told The Wall Street Journal that the change will take effect beginning August 15.

The embattled MoviePass is taking out all the stops to survive.

Now, more than 3 million people subscribe to MoviePass. 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.

The stock plunged from $39 last October to just 8 cents last month.

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