MoviePass Limits Customers to Three Films a Month

MoviePass announced that it will not raise its price to $14.95, but beginning on Aug. 15, MoviePass customers will only be able to see three movies a month, compared to its former offer of one movie a day, according to Variety.

MoviePass said in a press release, "because only 15 percent of MoviePass members see four or more movies a month, we expect that the new subscription model will have no impact whatsoever on over 85 percent of our subscribers."

The company has been short on cash in recent weeks and its stock is less than a dime a share. MoviePass recently had a widespread service outage that forced the company to borrow $6.2 million to meet its financial obligations, which was paid back days later.

Annual subscribers won't be affected by this new plan until their renewal date and they can still cancel the service at any time.

Read the full story on Variety.