MoviePass is struggling to hold onto its ticket stubs since it scaled back the number of movies users could see each month, according to internal data obtained by Business Insider.
The report reveals that the movie lovers’ service dropped from 3 million subscribers to about 225,000 in the past year.
The movie ticket subscription service launched in the summer of 2017 with a plan to allow members to see one movie per day in theaters for only 10 bucks a month—a plan so revolutionary that the service passed 3 million subscribers just a year later, according to the company, burning cash by the millions all the while.
Alas, the credits must eventually roll, and in August 2018, MoviePass began to convert subscribers on annual subscription plans to a three-movies-per-month subscription plan by giving annual subscribers the option to either opt out or continue under the new restrictions.
In an attempt to recover from said blooper, MoviePass announced an “Uncapped” plan last month in which there would be no restrictions on the number of 2D movies subscribers could see—so long as MoviePass said it was alright. The $15 a month service comes with the caveat, “Your movie choices may be restricted due to excessive individual usage which negatively impacts system-wide capacity.”
Unsurprisingly, only 13,000 new subscribers have been generated since MoviePass went “Uncapped,” according to Business Insider’s report.