MoviePass reverses pricing changes, but adds monthly movie limit

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The new plan will also include "many major studio first-run films", according to the company.

MoviePass will reduce the number of movies its subscribers can see by 90 percent, with subscribers in the $9.95 monthly fee tier seeing their movie allowance decrease from one per day to three per month.

MoviePass is continuing to make changes amidst its cash struggles.

Movie theater subscription service MoviePass will not be raising prices, as it had announced last week, but will instead be capping the number of times that subscribers can visit movie theaters.

The new plan will not affect annual subscribers until their plan is renewed, but monthly subscribers will be moved to the new plan after August 15.

The company will suspend surge pricing, which sometimes added as much as $8 to the cost of an individual ticket.

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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.

Two law firms announced on Monday that they have begun seeking defendants for class action litigation against MoviePass parent company Helios and Matheson Analytics, claiming that the company over-inflated MoviePass's profitability when presenting information to investors, who then lost money.

MoviePass CEO Mitch Lowe blamed the change on the small number of users who were taking advantage of the "unlimited" promise. HMNY's stock has lost virtually all of its value in recent months and is now a so-called "penny stock".

MoviePass has more than 3 million subscribers.

The move comes with a few other changes, as well, many of which are in response to customer complaints. It later said it paid back that loan.

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