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

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

MoviePass promises that all of these limitations will go away effective August 15 for any monthly subscribers who agree to "transition" to the new plan.

For example, if a MoviePass user wants to see the "Aquaman" movie this winter they should be able to see it at MoviePass-compliant theaters on opening weekend, with none of the issues that plagued the service during the opening of the latest "Mission: Impossible" film.

MoviePass estimates that 85 percent of its current customer base of more than 3 million users will be unaffected by the shift, as its data shows only 15 percent of existing subscribers see more than four movies per month. Peak pricing surcharges are also being rolled back, and the frustrating requirement for subscribers to send a photo of their purchased tickets to MoviePass will be ended.

Currently, MoviePass subscribers can see one movie a day for $9.95 per month.

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Launched in 2011, MoviePass didn't catch major traction until it lowered its monthly fee to $9.95 in 2017.

This morning, after vaporizing more than 99.5% of its shareholders' wealth in the space of just eight trading days, the MoviePass owner announced a new plan that it says will "ensure [the] long-term stability" of the MoviePass business, and maybe, just maybe, give Helios and Matheson shareholders a chance of not being wiped out completely. Now, in a bid to pacify its users and stop all that criticism, MoviePass today announced that it will not be raising its subscription price to $14.95/month as it had previously announced. This all came about after the company ran out of money to pay its merchant and fulfillment processors, leaving some subscribers stranded at theater box offices without a ducat. The company had a $45 million cash deficit for June, according to SEC filings. HMNY's stock has lost virtually all of its value in recent months and is now a so-called "penny stock".

MoviePass's CEO, Mitch Lowe, told the Journal that this new three-movie policy will help the service's burn rate.