MoviePass, the theater subscription service that has been struggling to stay afloat as of late, has taken yet another step to keep its cash burn in check. The company is now shifting its annual plan subscribers to the new limited monthly plan that it launched recently. Subscribers who don’t like this are being offered refunds for the remainder of their annual subscription.
MoviePass members with an annual subscription have been sent emails by the company informing them that “After experimenting with different models and options, we believe that our current monthly plan captures the need of our community — keeping prices low while continually striving to offer a wider selection of films.”
The annual plan previously entitled subscriptions to go and watch unlimited movies every month. That will no longer be the case as they will now be able to see only three movies per month. That’s the new monthly plan which also offers an up to $5 discount on any additional movie tickets purchased.
Unless these subscriptions choose to cancel their subscription plan before it runs out, their plan will continue on these guidelines through the end of their annual plan. “If this new plan no longer aligns with your viewing preferences, we completely understand and would be happy to offer you a refund for the remainder of your annual subscription,” MoviePass says in the email.
Annual plan subscribers have until August 31st to decide whether they want to cancel and get the refund or just accept the new monthly plan and live with its limitations.