Helios and Matheson Analytics, the company behind the struggling-yet-popular MoviePass, has launched another Hail Mary in an attempt to turn a profit. The company has scrapped its controversial plan to increase subscription prices to $14.95 a month, but in turn it will limit subscribers to three movies a month.
In a statement released on Monday, MoviePass revealed its new $9.95 price point, “which gives subscribers up to three movies a month… and up to a $5.00 discount for additional movie tickets” (via The Hollywood Reporter). That still works out to something of a deal if you watch enough films in theaters, but it’s still going from unlimited movie tickets to just three per month.
The move comes with a few other changes, as well, many of which are in response to customer complaints. Peak pricing and ticket verification (where subscribers had to take a picture of their ticket stub) have been suspended, while subscribers can once again see first-run major studio films. “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.”
Of course, all of this may end up being for naught. The company is reportedly hemorrhaging money as its stock plummets and Wall Street essentially waits for the clock to expire. In other words, it may not be worth signing up for a new subscription, but if you currently have one, it’s time to make the most of it while you can.