MoviePass will limit customers to three movies per month

MoviePass app

As that process has gone on, MoviePass has implemented - and sometimes subsequently removed - a number of policies in an attempt to cut its losses.

"We discovered over several months of research that our customers value a low monthly price above almost everything else, so we came together to create a plan that delivers what most of our loyal MoviePass fans want, and one that, we believe, will also help to stabilize our business model", said MoviePass CEO Mitch Lowe. Lowe said in an interview with the Wall Street Journal that the move will reduce the company's cash burn rate by more than 60 percent and make it "more manageable" to become profitable. Only three films per month will be included in the $9.95 subscription, something MoviePass has until now had a second, cheaper, $7.95 per month plan for. Because MoviePass typically pays theaters the full cost of tickets - $15 or more in big cities - a single movie can put the service in the red.

After announcing a price hike just a week ago MoviePass today announced that they will keep their price at $9.95 a month.

As part of its new model, MoviePass is doing away with a bunch of other changes, too. The planned changes will go into effect on August 15-assuming they don't make any more changes like, you know, tomorrow.

As part of the new model, the company is also suspending peak pricing and ticket verification. At some theaters it has been common to see long lines with people holding red MoviePass cards, which subscribers can use to charge a movie to the service.

MoviePass CEO Mitch Lowe blamed the change on the small number of users who were taking advantage of the "unlimited" promise. Last week, MoviePass announced subscribers would be limited to certain blockbuster film within the first two weeks of release.

Members who want to see more than three movies will be able to buy tickets through MoviePass at a discount of up to $5 per ticket, the company said.

The stock gained 2 cents on Monday after the new plan was announced.

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