MoviePass Chief Executive Mitch Lowe said in an interview that the new policy, which takes effect August 15, will reduce the company's cash burn rate by more than 60% and make its attempted transition to profitability "more manageable".
Under the previous plan, customers could see one movie per day in theaters.
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The business model change comes after weeks of controversy for MoviePass. 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. That change would also come with a limit on new releases, with a two week block on getting tickets to a freshly-screened movie.
"We are now creating a framework to provide the vast majority of subscribers with what they want most - low cost, value, variety, and broad availability - and to bring some moderation to the small number of subscribers who imposed undue cost on the system by viewing a disproportionately large number of movies", Lowe said. MoviePass has also suspended Peak Pricing and Ticket Verification for all its subscribers who have already migrated to its new plan. In the press release announcing its new plan, the company said "the new plan will include many major studio first-run films".
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As per MoviePass, only 15% of its three million users watch four or more movies in a month, and thus this move won't affect the bulk of its users.
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MoviePass is continuing to alter its business plan in attempt to keep the company afloat, but the latest announcement is a dramatic change to what made the company so enticing for moviegoers. Users would have to wait a few weeks before using their subscription to see blockbuster films. The stock rose 3 cents to 10 cents per share in early trading Monday, soaring over 45 percent on the new plan news. MoviePass originally offered moviegoers the opportunity to see one movie every 24 hours.