MoviePass will now only allow cinema fans a choice of two films in a bid to stay afloat.
The company has seen membership soar in the last 12 months after introducing a $9.95 monthly subscription that allowed entry to one movie per day in theatres across the US.
However, a series of financial problems have best the company and its owner Helios and Matheson Analytics in recent months. Last month it saw its share price crash following the announcement of a rescue plan, while it was forced to borrow $5m to keep operating at the end of July.
Last week it brought in a restriction of three movies per month, but that has now dropped to two for those theatres that do not offer advance e-ticketing options. The movie choice will change from day to day, the company noted.
MoviePass chief executive Mitch Lowe told The New York Post: “Unfortunately, in order to stay financially stable we’ve had to curtail the service. We had to right the ship as far as the amount of money we were burning.
“This has been a challenging time for us and our customers. We’re just trying to save our service to be able to be available long term.”
Over the weekend most customers were given the option of either ‘Slender Man’ or ‘Mission: Impossible – Fallout,’ while others had ‘The Spy Who Dumped Me’ or ‘Slender Man’ instead. Additionally, the showtimes available for purchase are limited.